Woodside Q2 Revenue Up 28%, Scarborough 98% Complete

Woodside (ASX:WDS) Energy Group released its second quarter report for the period ended 30 June 2026. Quarterly operating revenue was US$4,185 million, up 28% on the first quarter of 2026, at an average realised price of US$85 per barrel of oil equivalent, up 35% on the prior quarter. Production was 41.3 MMboe (454 Mboe/d), down 9% from Q1 2026, which Woodside attributed to planned maintenance at Pluto Train 1 and recovery from cyclone impacts. The company reported operational reliability of more than 99% at Sangomar and Shenzi and more than 97% at the North West Shelf Project LNG and Pluto LNG, with Sangomar producing near nameplate capacity.

On projects, the Scarborough Energy Project was 98% complete and on track for a first LNG cargo in Q4 2026, with first gas from the Scarborough reservoir achieved after the period; the Trion Project was 64% complete targeting first oil in 2028; and the Louisiana LNG Project was 28% complete targeting first LNG in 2029. Woodside exercised pre-emption rights to acquire PetroChina's 10.67% participating interest in the Browse Joint Venture, entered a sale and purchase agreement with Alcoa for 31.1 PJ of domestic gas over 2027 to 2030, and completed the transfer of Gippsland Basin operatorship from ExxonMobil after the period. The company updated its 2026 full-year production guidance to 174-185 MMboe, with capital expenditure guidance of US$4,000-4,500 million unchanged.