Woodside Energy is launching a review of its business to simplify operations after weather-related disruptions dented production volumes.
CEO Liz Westcott said the review will deliver improved organisational effectives and capital management, while maintaining safety and operational reliability.
“At the time of my appointment in March, I said my focus would be on operational excellence, disciplined execution and sustainable value creation for Woodside shareholders,” Westcott said as the company announced its first quarter report for the period ended March 31.
“Cost discipline is essential to sustainable shareholder value creation and we are commencing a structured review of our business to streamline decision making, reduce complexity and improve accountability.”
Woodside’s operating revenue fell 2 per cent year-over-year to US$3.26 billion from US$3.32 billion.
Quarterly production reached 45.2 million barrels of oil equivalent (MMboe), an 8 per cent decline compared to the final quarter of 2025. The company attributed the drop to severe tropical cyclones Mitchell and Narelle, which impacted operations across Western Australia.
Average realised price for the firm rose to US$63 per barrel of oil equivalent, up 11 per cent from US$57 in the fourth quarter of 2025, supported by elevated spot prices.
Despite these challenges, Woodside’s core assets demonstrated outstanding reliability, with Pluto LNG, the North West Shelf, and international assets like Sangomar all performing at or above 99 per cent reliability.
The company’s growth portfolio remains on track, with several important projects nearing completion. The Scarborough energy project is 96 per cent complete and on budget, targeting its first LNG cargo in Q4 2026.
The company’s Trion project in Mexico is 56 per cent complete and on schedule for first oil in 2028.
The foundation phase of Louisiana LNG, comprising three trains, reached 24 per cent complete at the end of the quarter and remains on budget, with first LNG expected in 2029.
Woodside confirmed its 2026 production guidance remains unchanged at 172–186 MMboe, with capital expenditure expected to hold between US$4 billion and US$4.5 billion.
