Woodside Energy Group H1 Earnings Call Highlights

Strong first-half performance: Woodside reported $1.3 billion in underlying net profit, $4.6 billion in EBITDA and $3 billion in operating cash flow, while declaring a fully franked interim dividend of $0.57 per share. Major projects remain on track: Scarborough reached 98% completion and is targeted for first LNG in the fourth quarter of 2026, while Trion and Louisiana LNG remain on schedule for 2028 and 2029 milestones, respectively. Woodside is also seeking additional Louisiana LNG partners to reduce its 57% capital exposure. Sharper focus on returns and costs: The company launched a program targeting $350 million in annual structural savings from 2028 and is reviewing Beaumont New Ammonia. It also abandoned its previous $5 billion new-energy investment target and retired its Scope 3 investment and emissions-abatement targets, while retaining its 2030 Scope 1 and 2 reduction goal.

Woodside Energy Group NYSE: WDS reported first-half 2026 production of 86.5 million barrels of oil equivalent and underlying net profit after tax of $1.3 billion, as the company advanced its Scarborough, Trion and Louisiana LNG projects while outlining a new cost-reduction program and a more selective approach to new-energy investments. Chief Executive Officer Liz Westcott, delivering her first results presentation as CEO, said Woodside generated $4.6 billion in EBITDA, $3 billion in operating cash flow and $352 million in free cash flow during the half. The board declared a fully franked interim dividend of $0.57 per share, at the top end of the company’s targeted payout range.

Westcott said Woodside’s results were supported by reliable operations despite cyclone-related production effects and a planned turnaround at Pluto. The company recorded one high-consequence injury during the period, while reporting no Tier 1 or Tier 2 process-safety events.

Woodside said its Scarborough Energy project was 98% complete at the end of the half and remains on schedule and budget for its first LNG cargo in the fourth quarter of 2026. Subsequent to the reporting period, the project’s floating production unit reached ready-for-startup status and achieved first gas. At Pluto Train 2, Woodside completed mechanical runs on three of six liquefaction compressors. The company is continuing commissioning work, including bringing wells online, pressurizing the trunk line and introducing gas into onshore facilities. The Trion oil project offshore Mexico was 64% complete and remains targeted for first oil in 2028. Engineering for the floating storage and offloading facility is progressing, while subsea installation is scheduled to begin in the third quarter of 2026. Louisiana LNG was 28% complete at the end of the half. Train 1 was 35% complete, with the first mechanical equipment installed, while construction also began on Train 2 structural steel. Westcott said the project remains on schedule and budget. She added that Bechtel’s steel fabrication activities in the Middle East had not been disrupted, though the contractor was using alternative supply routes and had other fabrication options. Woodside continues to seek additional Louisiana LNG partners and LNG offtake agreements. Westcott said the company has received strong interest but is taking a patient approach to securing “high-quality partners” for the long-term investment. Stonepeak and Williams have already joined the project, reducing Woodside’s capital exposure to 57% of the total investment, or $9.9 billion, according to the company.

Woodside exercised a preemption right during the half that will increase its ...