The mixed results — strong revenue growth and project progress offset by production declines and impairments — suggest a neutral-to-slightly-positive near-term reaction. Traders should focus on the Scarborough first LNG milestone in Q4 2026 and the cost savings target for 2028 as key catalysts, while monitoring production recovery and the Chevron asset swap completion in Q4 2026.
Price Chart
Executive Summary
Woodside Energy reported strong H1 2026 results with operating revenue up 13% YoY to $7,446M and underlying NPAT up 7% to $1,334M, driven by higher realized prices (+20% to $74.0/boe). The Scarborough Energy Project is 98% complete and on track for first LNG in Q4 2026, while the company set a $350M annual cost savings target from 2028. However, total production fell 13% YoY to 86.5 MMboe due to cyclones and planned turnarounds, and the company recognized $178M in impairment charges on Calypso and H2OK projects, partially offsetting the positive operational momentum.
Key Facts
- Operating revenue rose 13% YoY to $7,446 million.
- Underlying NPAT increased 7% YoY to $1,334 million.
- Total production declined 13% YoY to 86.5 MMboe.
- Average realized price rose 20% YoY to $74.0/boe.
- Scarborough Energy Project 98% complete, first LNG on track for Q4 2026.
- Interim dividend of 57 US cents per share declared, up 8% YoY.
- Impairment losses of $178 million recognized on Calypso and H2OK projects.
- Company set an annual cost savings target of $350 million from 2028.
- Gearing at 20.6%, marginally above the 10-20% target range.
- Free cash flow improved to $352 million from $136 million in H1 2025.
Financial Impact
Revenue +13% to $7,446M; Underlying NPAT +7% to $1,334M; Production -13% to 86.5 MMboe; Impairments of $178M
Risk Factors
- Production decline of 13% YoY may persist if operational issues continue.
- Impairments of $178M signal potential further write-downs on non-core assets.
- Gearing at 20.6% above target range could limit financial flexibility.
- Middle East conflict and supply chain risks may impact project timelines and costs.
- Beaumont New Ammonia feedstock constraints expected to continue into 2027.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-364293 |
| Document: 0001193125-26-364293-index-headers.html | 0001193125-26-364293 |
| Document: 0001193125-26-364293-index.html | 0001193125-26-364293 |
| Document: 0001193125-26-364293.txt | 0001193125-26-364293 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | 6-K | $23.62 | awaiting T+60 | — | $23.66 (+0.17%) |
Oct 8, 2026 18d ago | 6-K | $22.59 | awaiting T+60 | — | $23.66 (+4.74%) |
Sep 16, 2026 5w ago | 6-K | $23.07 | awaiting T+60 | — | $23.66 (+2.56%) |
Sep 14, 2026 6w ago | 6-K | $23.74 | awaiting T+60 | — | $23.66 (−0.34%) |
Sep 2, 2026 7w ago | 6-K | $23.83 | awaiting T+60 | — | $23.66 (−0.71%) |
Aug 26, 2026 8w ago | 6-K | $22.90 | awaiting T+60 | — | $23.66 (+3.32%) |
Aug 25, 2026 8w ago | 6-K | $22.86 | awaiting T+60 | — | $23.66 (+3.50%) |
Jul 23, 2026 13w ago | 6-K | $22.34 $23.27 | ▲ +4.16% | ▼ −0.39% | $23.66 (+5.91%) |
Jul 22, 2026 13w ago | 6-K | $22.43 $23.27 | ▲ +3.75% | ▲ +0.48% | $23.66 (+5.48%) |
Jul 8, 2026 15w ago | 6-K | $20.28 $21.80 | ▲ +7.50% | ▲ +5.00% | $23.66 (+16.67%) |
US Market Status
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