Woodside Energy reported first-half 2026 net profit after tax of $1.67 billion, representing a 27% increase compared to the prior-year period. The Australian energy producer benefited from strengthened commodity prices across global oil and liquefied natural gas markets, which offset significant production headwinds during the period.
The company’s underlying profit rose 7% to $1.33 billion, while operating revenue climbed 13% to $7.45 billion. Woodside’s average realized price increased 20% to $74 per barrel of oil equivalent, reflecting tighter conditions in global energy markets. Middle East supply disruptions contributed to elevated prices and supported demand, while the company’s marketing and trading operations capitalized by redirecting cargoes to higher-value destinations.
Production fell to 86.5 million barrels of oil equivalent, equivalent to 478,000 barrels of oil equivalent per day, down from 99.2 million barrels in the comparable prior-year period. The 13% decline resulted from cyclone-related operational disruptions, a scheduled maintenance turnaround at the Pluto LNG facility, and the divestment of Greater Angostura assets. Operating cash flow decreased 10% to $3.01 billion, though free cash flow improved to $352 million from $136 million. The company declared a fully franked interim dividend of 57 U.S. cents per share, up from 53 cents previously, representing 80% of underlying profit.
Woodside refined its full-year 2026 production guidance to a range of 174 million to 185 million barrels of oil equivalent from the previous 172 million to 186 million barrels, while maintaining capital expenditure guidance at $4 billion to $4.5 billion. Major development projects advanced during the period, including the Scarborough Energy Project in Western Australia, which reached 98% completion with first gas achieved, and the Trion project offshore Mexico, at 64% completion targeting first oil in 2028. The company concluded the period with $8.19 billion in liquidity and announced a cost-reduction program targeting $350 million in annual savings beginning in 2028.
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