Woodside Energy has reported operating revenue of $4.18bn (A$6.01bn) in the second quarter of 2026 (Q2 2026), a 28% increase from $3.27bn in Q2 2025.
The Australian oil and gas company, which is listed on both the Australia Securities Exchange and the New York Stock Exchange, achieved an average realised price of $85 per barrel of oil equivalent (boe) for the reported quarter. This marks a 44% rise from $59/boe in the same period the previous year.
Production volumes for the quarter stood at 41.3 million barrels of oil equivalent (mboe), an 18% decrease from 50.1mboe in Q2 2025.
The company’s liquidity was approximately $8.2bn as of 30 June 2026, following the repayment of a $600m Syndicated Term Loan.
Net debt, including lease liabilities, was approximately $9.3bn, with a gearing ratio of 21%.
Woodside indicated that it made significant strides in its operational activities and project developments during Q2 2026.
The Scarborough Energy Project in Australia advanced to 98% completion, remaining on budget and on track for its first liquefied natural gas (LNG) cargo in Q4 2026.
The Trion Project in Mexican waters reached 64% completion, targeting first oil in 2028, while the Louisiana LNG Project in the US was 28% complete, with Train 1 at 35% completion, aiming for first LNG in 2029.
Woodside said that the Sangomar and Shenzi projects achieved more than 99% operational reliability, while North West Shelf Project LNG and Pluto LNG exceeded 97%.
Sangomar continued to perform near nameplate capacity, producing 99,000 barrels per day.
Pluto LNG executed planned maintenance, which included critical integration scopes for the Scarborough project.
The North West Shelf Project achieved a quarterly LNG reliability of 97.8% and approved a drilling rig contract for the Greater Western Flank Phase 4 Project, with drilling set to commence in Q2 2027.
Woodside CEO Liz Westcott said: “We delivered production of 41.3mboe in the second quarter, highlighted by outstanding reliability of 99.3% at Sangomar and 99.2% at Shenzi.
“Sustained production performance and asset reliability have provided greater certainty around expected full year outcomes, supporting a narrower production guidance range for 2026.
“Strong realised prices supported earnings and cash generation, highlighting the resilience of our diversified portfolio amid ongoing macroeconomic and commodity price volatility.”
In the Wheatstone and Julimar-Brunello areas, subsea construction on the Julimar Development Phase 3 Project was completed in the reported quarter, with start-up targeted for the second half of 2026 (H2 2026).
Wheatstone LNG production was impacted by an unplanned outage due to severe tropical cyclone Narelle, but repairs were completed in April 2026.
Decommissioning of three Julimar-Brunello exploration wells commenced, a condition precedent for the asset swap with Chevron, which is targeted for completion in Q4 2026.
The drilling of the remaining three wells at the Turrum Phase 3 Project was also completed, with first production targeted for H1 2027.
The transfer of operatorship of the Gippsland Basin assets from ExxonMobil to Woodside was completed earlier this month.
Elsewhere in Australia, the Okha floating production, storage and offloading (FPSO) vessel completed scheduled shipyard activities, and oil production at the Pyrenees FPSO partially resumed after cyclone damage.
During Q2, the company also signed five long-term charter parties for LNG carriers to support the Louisiana LNG Project.
