Monitor the Scarborough first LNG cargo in Q4 2026 as a key catalyst for cash flow inflection. Watch for further details on the Beaumont New Ammonia strategic review outcome and the Louisiana LNG sell-down progress, which could signal capital allocation priorities. The Capital Markets Day on November 5, 2026, will provide the updated capital strategy and cost-out details.
Price Chart
Executive Summary
Woodside Energy reported strong H1 2026 operational and financial results, with production of 86.5 MMboe, EBITDA of $4.6B, and free cash flow up >150% YoY to $352M. The company announced a $350M/year structural cost reduction target from 2028, a strategic review of Beaumont New Ammonia, and the retirement of its Scope 3 investment and emissions abatement targets. The Scarborough project is 98% complete and on track for first LNG cargo in Q4 2026, while Louisiana LNG is 28% complete. The fully franked interim dividend of $0.57/share is at the top end of the payout range. The filing is neutral overall as the strong operational results are offset by the strategic pivot away from new energy targets and the uncertainty around the Beaumont review, with no material change to the forward outlook.
Key Facts
- H1 2026 production of 86.5 MMboe
- EBITDA of $4.6 billion
- Free cash flow of $352 million, up >150% YoY
- Underlying net profit after tax of $1.3 billion
- Interim dividend of $0.57 per share (fully franked)
- Scarborough Energy Project 98% complete, first LNG cargo expected Q4 2026
- Louisiana LNG 28% complete, on schedule and budget
- Trion Project 64% complete, targeting first oil in 2028
- Structural cost reduction target of $350 million per year from 2028
- Strategic review of Beaumont New Ammonia announced
- Scope 3 investment and emissions abatement targets retired
- Gearing at 20.6%, marginally outside 10-20% target range
- Liquidity of $8.2 billion in cash and undrawn facilities
- Average realised price of $74/boe
Financial Impact
H1 2026 revenue and EBITDA were strong at $4.6B, with free cash flow of $352M. The $350M/year cost-out target from 2028 is a material structural change. The retirement of the $5B Scope 3 investment target frees up capital allocation flexibility but does not immediately impact the balance sheet.
Risk Factors
- Execution risk on Scarborough, Trion, and Louisiana LNG projects
- Commodity price volatility and Middle East conflict impact on LNG/oil markets
- Uncertainty around the Australian Domestic Gas Reservation Scheme affecting Bass Strait development
- Potential impairment or divestment loss on Beaumont New Ammonia
- Gearing temporarily above target range during capital-intensive period
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-365795 |
| Document: 0001193125-26-365795-index-headers.html | 0001193125-26-365795 |
| Document: 0001193125-26-365795-index.html | 0001193125-26-365795 |
| Document: 0001193125-26-365795.txt | 0001193125-26-365795 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | 6-K | $23.62 | awaiting T+60 | — | $23.33 (−1.23%) |
Oct 8, 2026 18d ago | 6-K | $22.59 | awaiting T+60 | — | $23.33 (+3.28%) |
Sep 16, 2026 5w ago | 6-K | $23.07 | awaiting T+60 | — | $23.33 (+1.13%) |
Sep 14, 2026 6w ago | 6-K | $23.74 | awaiting T+60 | — | $23.33 (−1.73%) |
Sep 2, 2026 7w ago | 6-K | $23.83 | awaiting T+60 | — | $23.33 (−2.10%) |
Aug 26, 2026 8w ago | 6-K | $22.90 | awaiting T+60 | — | $23.33 (+1.88%) |
Aug 25, 2026 8w ago | 6-K | $22.86 | awaiting T+60 | — | $23.33 (+2.06%) |
Jul 23, 2026 13w ago | 6-K | $22.34 $23.27 | ▲ +4.16% | ▼ −0.39% | $23.33 (+4.43%) |
Jul 22, 2026 13w ago | 6-K | $22.43 $23.27 | ▲ +3.75% | ▲ +0.48% | $23.33 (+4.01%) |
Jul 8, 2026 15w ago | 6-K | $20.28 $21.80 | ▲ +7.50% | ▲ +5.00% | $23.33 (+15.04%) |
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