Woodside Energy Group Ltd (ASX: WDS) has reported its first quarter results for the period ended 31 Mar 2026, recording total production volumes of 45.2 million barrels of oil equivalent (MMboe). The Woodside production update 2026 confirms the Company maintained reliable operations across its global portfolio despite two severe tropical cyclones affecting Western Australian assets.
Figure 1: Woodside Energy headquarters building [Courtesy: Bloomberg]
The Woodside Energy earnings Q1 2026 report, released on 29 Apr 2026, reflects a strong pricing recovery and disciplined project execution. The Company achieved an average realised price of US$63 per barrel of oil equivalent, up 11% from Q4 2025, driven by elevated spot market prices for LNG and crude.
Production Volumes and Revenue for the Period Ended 31 March 2026
Woodside’s total quarterly production volumes of 45.2 MMboe (502 thousand barrels of oil equivalent per day) came in 8% below Q4 2025, primarily because of Severe Tropical Cyclone Mitchell and Severe Tropical Cyclone Narelle.
Operating revenue for the period ended 31 Mar 2026 was US$3,261 million, up 7% from US$3,035 million in Q4 2025 and down 2% compared to Q1 2025.
Q1 2026 at a Glance
Assets That Delivered Strong Reliability
Despite the adverse weather impact, several key assets maintained exceptional operational performance during the quarter:
- Pluto LNG achieved 100% reliability for the third consecutive quarter
- North West Shelf Project delivered 99.7% quarterly LNG reliability
- Sangomar averaged 99 thousand barrels per day (100% basis) with 99.9% reliability
- Shenzi achieved a reliability of 99.0% following field production optimisation
Woodside Energy CEO Speaks on Q1 2026 Performance
Woodside Energy CEO Liz Westcott, appointed effective 18 Mar 2026, addressed the quarterly results and the Company’s strategic direction in her first quarterly statement as Managing Director.
“Production for the period was 45.2 million barrels of oil equivalent, underpinned by the exceptional reliability of our world-class assets, including 99.9% at Sangomar and 99.0% at Shenzi. In Western Australia, Pluto LNG achieved 100% reliability for the third consecutive quarter, while the North West Shelf Project delivered 99.7%,” Westcott said.
Figure 2: Liz Westcott, CEO of Woodside Energy [Courtesy: Financial Review]
She also addressed the Company’s cost focus, stating: “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. We expect this will deliver benefits through improved organisational effectiveness and capital management without compromising safety, execution or operational reliability.”
Scarborough Energy Project Reaches 96% Completion
The Woodside production update 2026 includes a significant milestone for the Scarborough Energy Project. The Project reached 96% completion as at the end of Q1 2026 and remains on budget, with first LNG cargo firmly targeted for Q4 2026.
Scarborough FPU and Pluto Train 2 Progress
The Scarborough Floating Production Unit (FPU) was moored at the Scarborough field, with hook-up of all subsea risers and the umbilical successfully completed during the quarter. Topside commissioning activities are currently in progress.
The FPU was subsequently registered as a security-regulated offshore facility by the Department of Home Affairs following the close of the quarter.
Figure 3: Offshore production platform operated by Woodside Energy [Courtesy: Woodside Energy]
At the Pluto Train 2 site, construction and commissioning continued during the period. First ignition of the additional gas turbine generator was achieved, and preparations are underway for the first run of the liquefaction compressors.
Civil, structural, and piping works advanced at the Pluto site ahead of the Pluto LNG Train 1 major turnaround scheduled for May 2026.
Trion and Louisiana LNG Projects Progressing to Schedule
The Woodside revenue and output Q1 2026 picture extends well beyond Australian operations. The Trion Project progressed to 56% complete as at the end of Q1 2026 and remains on budget, with first oil targeted in 2028.
Drilling of 24 subsea wells commenced in Mar 2026, and two 6,000 metric ton topside modules were successfully lifted and installed onto the FPU.
The Louisiana LNG Project’s foundation phase reached 24% complete at the quarter end and remains on budget. Train 1 was 31% complete, Train 2 was 22% complete, and Train 3 reached 14% completion.
The project is targeting first LNG cargo in 2029. Bechtel is sourcing Louisiana LNG structural steel from the United Arab Emirates, with sufficient steel for 2026 work programmes already delivered to site.
Beaumont New Ammonia: A New Revenue Stream for Woodside
Woodside assumed full operational control of the Beaumont New Ammonia facility in Mar 2026, following completion of performance testing and handover from OCI Global. The final payment of US$470 million was made during the quarter.
Figure 4: Beaumont New Ammonia project location map [Courtesy: Woodside Energy]
The facility achieved its first ammonia cargo in Feb 2026. Sales for 2026 will comprise a combination of spot and term cargoes supplied to domestic United States barges and international seaborne vessels.
Due to delays at third-party industrial gas suppliers, the Company is targeting lower-carbon ammonia production in 2027.
WDS ASX Share Price
Woodside Energy Group Ltd (ASX: WDS) is currently trading at A$33.115 per share, with a market capitalisation of A$61.59 billion. The 52-week range stands at A$19.720 to A$35.820 per share.
Figure 5: WDS share price performance over one year [Courtesy: ASX]
Industry Outlook
The global LNG market continues to experience structural demand growth, particularly across Asia-Pacific region, where buyers are seeking long-term supply security.
Elevated spot LNG prices and rising crude benchmarks have created a favourable revenue environment for producers with diverse, multi-asset portfolios such as Woodside’s.
The continued buildout of major export infrastructure across Australia and the United States reflects growing institutional confidence in LNG as a transition fuel through the next decade.
Future Direction and Impact on WDS Investors
The Woodside Energy earnings Q1 2026 report sets a positive trajectory heading into the remainder of the year. Key developments to watch include:
- First LNG cargo from the Scarborough Energy Project, targeted for Q4 2026
- Pluto LNG Train 1’s major turnaround is scheduled for May 2026, which may temporarily affect output
- Completion of the Chevron asset swap, targeted for H2 2026, which will reshape Woodside’s Australian portfolio interests
- Bass Strait operatorship transfer from ExxonMobil Australia to Woodside, also targeting H2 2026
- Trion Project subsea equipment installation on track for Q3 2026, supporting the 2028 first oil target
- Louisiana LNG is continuing to attract interest from high-quality counterparties, supporting the sell-down process
The 2026 full-year guidance remains unchanged, with total production volumes maintained at 172 to 186 MMboe and capital expenditure held at US$4,000 to US$4,500 million.
The Woodside production update 2026 reinforces that the Company is executing on a clear growth strategy while managing near-term weather-related headwinds and embedding new cost discipline under new leadership.
Frequently Asked Questions
Q1. What were Woodside’s production volumes for Q1 2026?
Ans. Woodside produced 45.2 MMboe (502 thousand barrels of oil equivalent per day) for the period ended 31 Mar 2026, down 8% from Q4 2025 due to cyclone-related disruptions.
Q2. What is the status of the Scarborough Energy Project?
Ans. The Scarborough Energy Project was 96% complete at the end of Q1 2026, remains on budget, and is targeting its first LNG cargo in Q4 2026.
Q3. What drove the improvement in Woodside’s average realised price?
Ans. The average realised price rose 11% to US$63/boe in Q1 2026, driven by higher LNG spot market prices and stronger crude and condensate prices linked to elevated Dated Brent and WTI benchmarks.
Q4. Who is Woodside’s new CEO?
Ans. Liz Westcott was appointed CEO and Managing Director of Woodside Energy, effective 18 Mar 2026.
Q5. What is Woodside’s full-year 2026 production guidance?
Ans. The Company has maintained its full-year 2026 guidance of 172 to 186 MMboe in total production volumes, with no changes announced in the Q1 2026 report.
Disclaimer
This article is intended for informational purposes only and does not constitute financial or investment advice. All content is based on the first quarter report for the period ended 31 Mar 2026, released by Woodside Energy Group Ltd on 29 Apr 2026. Share price and market capitalisation data reflect figures provided at the time of publication. Investing in securities involves risk. Readers should conduct their own research and seek independent financial advice before making any investment decisions. Colitco does not hold any position in the companies or organisations mentioned.
Sources
https://www.asx.com.au/markets/company/WDS
Last modified: April 29, 2026
