Scarborough first LNG cargo in Q4 2026 is the key near-term catalyst — successful ramp-up would de-risk the company's growth pipeline and support cash flow. Monitor the Capital Markets Day on 5 November 2026 for updated strategic outlook and capital allocation priorities. The BNA divestment process and Chevron asset swap completion are portfolio rationalization events that could unlock value but also signal reduced exposure to lower-carbon markets.
Price Chart
Executive Summary
Woodside reported Q3 2026 operating revenue of $4,281 million (+2% QoQ, +27% YoY) and production of 46.2 MMboe (+12% QoQ, -9% YoY). The quarter featured strong LNG pricing ($84/boe, +27% QoQ) and project execution milestones (Scarborough 99% complete, first LNG on track for Q4 2026), offset by YoY production declines, lower liquids pricing, and a strategic retreat from Beaumont New Ammonia. Full-year production guidance was narrowed to 174-181 MMboe from 174-185 MMboe.
Key Facts
- Q3 2026 operating revenue of $4,281 million, up 2% QoQ and 27% YoY
- Q3 2026 production of 46.2 MMboe, up 12% QoQ but down 9% YoY
- Average realised price of $84/boe, up 40% YoY but down 1% QoQ
- Full-year 2026 production guidance narrowed to 174-181 MMboe (prior 174-185 MMboe)
- Scarborough Energy Project 99% complete, first LNG cargo on track for Q4 2026
- Beaumont New Ammonia strategic review completed; formal process to reduce investment initiated
- Agreement to sell 70% operated interest in Calypso Project to bp; all key conditions precedent met
- Net debt of ~$8,900 million and liquidity of ~$7,800 million as of 30 September 2026
- Hedge settlements resulted in net cash outflow of ~$565 million YTD 2026
- Capital expenditure of $722 million in Q3 2026, down 8% QoQ and 45% YoY
Financial Impact
Q3 revenue $4,281M; production 46.2 MMboe; net debt $8.9B; liquidity $7.8B; full-year capex unchanged at $4,000-4,500M
Risk Factors
- YoY production decline of 9% driven by natural field decline and lower Sangomar net entitlement
- Lower average realised liquids pricing (oil/condensate $93/bbl vs $107/bbl QoQ) due to softer crude markets
- Beaumont New Ammonia strategic review signals potential impairment or below-cost exit
- Ongoing legal proceedings for NWS Project environmental approvals could delay extension plans
- Hedge cash outflow of $565M YTD reduces free cash flow; embedded derivative unrealized loss of ~$179M
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-427148 |
| Document: d166690d6k.htm | 0001193125-26-427148 |
| Document: 0001193125-26-427148-index-headers.html | 0001193125-26-427148 |
| Document: 0001193125-26-427148-index.html | 0001193125-26-427148 |
| Document: 0001193125-26-427148.txt | 0001193125-26-427148 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 6-K | $23.40 | awaiting T+60 | — | $23.16 (−1.03%) |
Oct 21, 2026 6d ago | 6-K | $23.62 | awaiting T+60 | — | $23.16 (−1.95%) |
Oct 8, 2026 19d ago | 6-K | $22.59 | awaiting T+60 | — | $23.16 (+2.52%) |
Sep 16, 2026 5w ago | 6-K | $23.07 | awaiting T+60 | — | $23.16 (+0.39%) |
Sep 14, 2026 6w ago | 6-K | $23.74 | awaiting T+60 | — | $23.16 (−2.44%) |
Sep 2, 2026 7w ago | 6-K | $23.83 | awaiting T+60 | — | $23.16 (−2.81%) |
Aug 26, 2026 8w ago | 6-K | $22.90 | awaiting T+60 | — | $23.16 (+1.14%) |
Aug 25, 2026 9w ago | 6-K | $22.86 | awaiting T+60 | — | $23.16 (+1.31%) |
Jul 23, 2026 13w ago | 6-K | $22.34 $23.27 | ▲ +4.16% | ▼ −0.39% | $23.16 (+3.67%) |
Jul 22, 2026 13w ago | 6-K | $22.43 $23.27 | ▲ +3.75% | ▲ +0.48% | $23.16 (+3.25%) |
US Market Status
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