Woodside lifts Q2 revenue as Scarborough hits 98% completion

• Woodside (ASX:WDS) reported Q2 2026 operating revenue of US$4,185 million, up 28% on the previous quarter, with an average realised price of US$85 per boe, up 35%.
• Quarterly production fell 9% to 41.3 MMboe due to planned Pluto LNG maintenance and cyclone impacts, while reliability exceeded 99% at Sangomar and Shenzi and 97% at North West Shelf and Pluto LNG.
• Woodside (ASX:WDS) said the Scarborough Energy Project is 98% complete and targeting first LNG cargo in Q4 2026, with Trion and Louisiana LNG remaining on budget and aiming for first oil in 2028 and first LNG in 2029 respectively.

Woodside Energy (ASX:WDS) lifted second‑quarter 2026 operating revenue to US$4,185 million and narrowed full‑year production guidance to 174–185 MMboe as Sangomar delivered near‑nameplate output and major LNG projects advanced on budget and schedule.

The company said revenue was supported by a 35% quarter‑on‑quarter increase in average realised price to US$85 per boe, even as total production volumes fell 9% to 41.3 MMboe compared with Q1 2026 and were 18% lower than the same quarter a year earlier.

“We delivered production of 41.3 million barrels of oil equivalent in the second quarter, highlighted by outstanding reliability of 99.3% at Sangomar and 99.2% at Shenzi,” said Woodside Energy CEO Liz Westcott, who added that strong realised prices and reliability are underpinning expected full‑year outcomes and cash generation.

Woodside reported reliability above 99% at Sangomar and Shenzi and above 97% at North West Shelf LNG and Pluto LNG, and said Q2 capital expenditure fell to US$784 million from US$1,323 million in Q1.

The company stated that Scarborough and Pluto Train 2 were 98% complete with all upstream infrastructure installed, first gas from Scarborough achieved after quarter‑end, and first LNG cargo still targeted for Q4 2026, while Trion was 64% complete aiming for 2028 first oil and Louisiana LNG 28% complete targeting 2029 first LNG.

Woodside also exercised its pre‑emption right to acquire PetroChina’s 10.67% Browse Joint Venture interest, agreed gas sales of 47.5 PJ to Western Australia and 38.9 PJ to the east coast for 2026–2030, assumed Gippsland Basin operatorship from ExxonMobil on 1 July 2026, and continued decommissioning, exploration and hydrogen work including H2Perth and Beaumont New Ammonia.

Upcoming milestones include the 2026 half‑year results release and investor briefing on 25 August, the Chevron asset swap targeted for completion in Q4 2026, progress on a structured review to simplify decision‑making, and ongoing climate and biodiversity projects in Louisiana and Western Australia.

At the time of reporting Woodside’s share price was AUD 32.31.