Woodside Energy has reported a 28 per cent jump in second-quarter revenue to US$4.19 billion (AU$5.8 billion), driven by robust oil prices and high operational reliability across its global asset portfolio.
Average realised prices surged 35 per cent quarter-on-quarter to US$85 per barrel of oil equivalent (boe).
The strong financial performance came despite a 9 per cent drop in quarterly production to 41.3 million barrels of oil equivalent (MMboe), due to a planned maintenance at Pluto Train 1 and recovery from severe cyclone disruptions.
Operational reliability exceeded 99 per cent at the Sangomar field offshore Senegal and the Shenzi facility in the Gulf of Mexico, while the North West Shelf and Pluto LNG facilities maintained reliability above 97 per cent.
Sangomar continued to operate near nameplate capacity, averaging 99,000 barrels per day.
On the execution front, the Scarborough Energy Project reached 98 per cent completion and remains on budget for its first LNG cargo in the fourth quarter of 2026.
Subsequent to the reporting period, Woodside achieved first gas from the Scarborough reservoir.
Meanwhile, the Trion oil project in Mexico reached 64 per cent completion, targeting first production in 2028, and Louisiana LNG progressed to 28 per cent completion ahead of a planned 2029 start-up.
Woodside CEO Liz Westcott praised the company’s operational consistency and disciplined project delivery.
“Sustained production performance and asset reliability have provided greater certainty around expected full-year outcomes, supporting a narrower production guidance range for 2026,” Westcott said.
“Strong realised prices supported earnings and cash generation, highlighting the resilience of our diversified portfolio amid ongoing macroeconomic and commodity price volatility.”
Woodside also sharpened its portfolio focus by exercising pre-emption rights to expand its stake in the Browse Joint Venture to 41.27 per cent.
On the domestic front, the producer secured a 31.1-petajoule gas supply agreement with Alcoa and assumed operatorship of the Gippsland Basin assets in south-eastern Australia.
Following the quarterly result, Woodside narrowed its 2026 full-year production guidance to 174 to 185 MMboe from its previous guidance of 172 to 186 MMboe, while leaving capital expenditure guidance unchanged.
