Woodside Energy Half-Year Report for Period Ended 30 June 2026
Disciplined execution
Operational excellence and project delivery
-
Recorded operating revenue of
$7,446 million 13% from H1 2025. -
Delivered production of 478 Mboe/d (86.5 MMboe) and unit production costs of
$8.8 -
Progressed major projects with
Scarborough 98% , Trion64% , and Louisiana LNG28% complete. -
Maintained high asset reliability, with operated LNG facilities achieving
98.7% reliability, Sangomar99.5% , and Shenzi99.1% . - Safely executed the Pluto planned turnaround campaign on schedule and within budget, including key integration activities supporting the Scarborough Energy Project, with more than 400,000 hours worked and zero lost-time injuries.
Delivering value
- Determined a fully franked interim dividend of 57 US cents per share (cps).
-
Achieved net profit after tax (NPAT) of
$1,672 million $1,334 million -
Delivered EBITDA of
$4,647 million -
Delivered operating cash flow of
$3,013 million $352 million -
Disciplined capital management resulted in strong liquidity of
$8,189 million -
Gearing of
20.6% , marginally outside the target range of 10 -20% , impacted by$655 million $419 million $101 million
Comparative performance |
|
|
H1 2026 |
H1 2025 |
Change % |
|
|
Operating revenue |
$ million |
7,446 |
6,590 |
|
|
|
Underlying NPAT1 |
$ million |
1,334 |
1,247 |
|
|
|
Free cash flow1,2 |
$ million |
352 |
136 |
|
|
|
Average realised price1,3 |
$/boe |
74.0 |
61.7 |
|
|
|
|
|
|
|
|
2026 full-year guidance |
|
|
|
|
|
|
Prior |
Current |
Total production volumes45 |
MMboe |
86.5 |
99.2 |
( |
172 - 186 |
174-185 |
Gas hub exposure6 |
% |
|
|
|
~30 |
No change |
Capital expenditure1,78 |
$ million |
1,637 |
2,558 |
( |
4,000 - 4,500 |
No change |
Abandonment expenditure |
$ million |
255 |
517 |
( |
500 - 800 |
No change |
Exploration expenditure1 |
$ million |
119 |
84 |
|
~200 |
No change |
Production costs |
$ million |
749 |
667 |
|
1,500 - 1,800 |
No change |
Feed gas, services and processing costs |
$ million |
238 |
92 |
|
500 - 600 |
No change |
Property, plant and equipment depreciation and amortisation |
$ million |
2,209 |
2,541 |
( |
4,200 - 4,700 |
No change |
This page and the following 66 pages comprise the half-year information given to the ASX under Listing Rule 4.2A and should be read in conjunction with Woodside’s Annual Report 2025.
Summary |
Woodside delivered strong half-year production of 478 thousand barrels oil equivalent per day (86.5 million barrels of oil equivalent total) and reported a half-year net profit after tax (NPAT) of
During the half, the
The directors have determined a fully franked interim dividend of 57 US cents per share (cps), representing an
Woodside CEO Liz Westcott said the company delivered a resilient first half performance, remaining a secure and reliable supplier to customers throughout a period of global volatility.
“We once again delivered strong production, cash flow and shareholder returns, while continuing to execute the next phase of growth.
“Keeping our people safe remains our highest priority. We recorded one high consequence injury during the period while undertaking over 11 million work hours. This reinforces the need for ongoing focus on critical risk management, strong safety leadership and disciplined execution of safe work practices across our operations.
“We maintained operational excellence at our assets. Operated LNG reliability was more than
“The Scarborough Energy Project is now
“The Trion Project offshore
“At Louisiana LNG, key milestones were achieved relating to the LNG tanks and marine infrastructure. The project’s foundation development was
“In July, Woodside assumed operatorship of the Gippsland Basin assets, creating greater flexibility for future development opportunities while reinforcing our commitment to supporting energy security in the eastern Australian domestic market.
“We continued to deliver on our sustainability commitments during the half, taking forward biodiversity initiatives in
“As we focus on Woodside’s next phase of disciplined delivery, we have announced a series of actions to lift performance and sharpen our focus on value. We have set an annual cost savings target of
Financial summary |
Key metrics |
||||
|
|
H1 |
H1 |
Change |
|
|
2026 |
2025 |
% |
Operating revenue |
$ million |
7,446 |
6,590 |
|
EBITDA excluding impairment10 |
$ million |
4,647 |
4,600 |
|
EBIT10 |
$ million |
2,157 |
1,817 |
|
Net profit after tax (NPAT)1112 |
$ million |
1,672 |
1,316 |
|
Underlying NPAT10 |
$ million |
1,334 |
1,247 |
|
Net cash from operating activities |
$ million |
3,013 |
3,339 |
( |
Capital expenditure10,13 |
$ million |
1,637 |
2,558 |
( |
Exploration expenditure10,14 |
$ million |
119 |
84 |
|
Free cash flow10,15 |
$ million |
352 |
136 |
|
Average realised price10,18 |
US$/boe |
74.0 |
61.7 |
|
Dividends distributed |
$ million |
1,122 |
1,006 |
|
Interim dividend determined |
US cps |
57 |
53 |
|
|
|
|
|
|
Key ratios |
|
|
|
|
Earnings per share |
US cps |
88.2 |
69.4 |
|
Gearing10 |
% |
20.6 |
19.5 |
|
|
|
|
|
|
Production volumes16,17 |
|
|
|
|
Gas |
MMboe |
46.1 |
58.2 |
( |
Liquids |
MMboe |
39.4 |
41.0 |
( |
Ammonia |
MMboe |
1.0 |
- |
N/A |
Total |
MMboe |
86.5 |
99.2 |
( |
|
|
|
|
|
Production volumes per day17 |
|
|
|
|
Gas |
MMscf/d |
1,451 |
1,833 |
( |
Liquids |
Mbbl/d |
217 |
226 |
( |
Ammonia |
kT/d |
1.5 |
- |
N/A |
Total |
Mboe/d |
478 |
548 |
( |
|
|
|
|
|
Sales volumes17 |
|
|
|
|
Gas18 |
MMboe |
58.5 |
63.9 |
( |
Liquids |
MMboe |
40.3 |
40.9 |
( |
Ammonia |
MMboe |
1.0 |
- |
N/A |
Total |
MMboe |
99.8 |
104.8 |
( |
|
|
|
|
|
Sales volumes per day17 |
|
|
|
|
Gas18 |
MMscf/d |
1,843 |
2,012 |
( |
Liquids |
Mbbl/d |
223 |
226 |
( |
Ammonia |
kT/d |
1.4 |
- |
N/A |
|
Mboe/d |
551 |
579 |
( |
Appendix 4D |
Results for announcement to the market
More information is available on page 48.
|
|
|
|
US$ million |
Revenue from ordinary activities |
Increased |
|
to |
7,446 |
Profit from ordinary activities after tax attributable to members |
Increased |
|
to |
1,672 |
Net profit for the period attributable to members |
Increased |
|
to |
1,672 |
|
|
|
|
|
Interim dividend - fully franked |
|
57 US cps H1 2026 |
|
|
Record date for determining entitlements to the dividend |
|
4 September 2026 |
|
|
Net profit after tax reconciliation |
The following table summarises the variance between the H1 2025 and H1 2026 results for the contribution of each line item to NPAT.
|
US$m |
Primary reasons for variance |
2025 H1 reported NPAT |
1,316 |
|
Revenue from sale of products |
|
|
Produced - price impact |
755 |
Higher average realised prices. |
Produced - volume impact |
(307) |
Lower production due to cyclone impacts, Pluto planned turnaround and divestment of the |
Purchased - price and volume impact |
440 |
Higher third-party LNG trading activity. |
Cost of sales |
(559) |
Higher third-party LNG trading activity, first ammonia production and Pluto planned turnaround. |
Perdaman embedded derivative |
(297) |
A non-cash unrealised loss of |
Hedging |
(106) |
Pre-tax hedge losses of |
Restoration movement |
450 |
Restoration provision updates primarily due to Stybarrow, Griffin and Minerva in 2025. |
Impairment losses |
(35) |
Pre-tax impairment for the Calypso Project offset by lower pre-tax impairment for the H2OK Project compared with H1 2025. |
Income tax and PRRT expense |
62 |
Recognition of the Pluto PRRT and US income tax DTA in 2026 offset by higher taxable profits and recognition of the Louisiana LNG DTA in 2025. |
Other |
(47) |
|
2026 H1 reported NPAT |
1,672 |
|
Underlying adjustments |
(338) |
Adjusted for the recognition of the Pluto PRRT and US income tax DTA benefits and the post-tax impairment of the Calypso and H2OK Projects. |
2026 H1 underlying NPAT20 |
1,334 |
|
Capital management |
Woodside’s capital management framework provides us with the flexibility to optimise value and shareholder returns delivered from the portfolio of opportunities.
Interim dividend and dividend reinvestment plan
A 2026 fully franked interim dividend of 57 US cps has been determined, representing an annualised dividend yield of
The dividend reinvestment plan remains suspended.
Liquidity and balance sheet
In H1 2026, Woodside generated
During this period, Woodside repaid a
At the end of the period, Woodside had cash and cash equivalents of
Woodside’s gearing as at 30 June 2026 was
Net debt and gearing were impacted by:
-
$655 million -
Net cash outflow of
$419 million -
Higher pricing driving a
$101 million
Woodside’s commitment to an investment-grade credit rating remains unchanged and supports the aim of providing sustainable returns to shareholders, both now from the strong existing business and in the future from the growth opportunities, in accordance with Woodside’s capital management framework.
Commodity price risk management
As at 30 June 2026, approximately
Commodity swaps were used to continue managing risk associated with the Corpus Christi LNG volumes.
For the period ended 30 June 2026, pre-tax hedge losses of
Embedded commodity derivative
In 2023, Woodside entered a revised long-term gas sale and purchase agreement with Perdaman. A component of the selling price is linked to the price of urea, creating an embedded commodity derivative in the contract. The fair value of the embedded derivative is estimated using a Monte Carlo simulation model.
As there is no long-term urea forward curve, TTF continues to be used as a proxy to simulate the value of the derivative over the life of the contract. For the half-year ended 30 June 2026, an unrealised loss of
Australian operations |
Pluto LNG
Pluto LNG is a gas processing facility in the Pilbara region of
Woodside’s share of production in H1 2026 was 20.6 MMboe. This was an
Pluto LNG achieved reliability of
In H1 2026, drilling of the XNA-03 infill well was completed and preparations continue for start-up targeted for H2 2026.
The planned turnaround in May 2026 was successfully delivered safely, on schedule and within budget, including critical integration scopes supporting the Scarborough Energy Project. The turnaround involved over 1,500 personnel on site to deliver a safe lost time injury-free campaign with more than 400,000 hours worked.
Woodside is operator and holds a
North West Shelf Project
The North West Shelf Project (NWS) consists of three offshore platforms and the onshore Karratha Gas Plant (KGP) which includes four onshore LNG processing trains and two domestic gas trains.
Woodside’s share of production in H1 2026 was 14.0 MMboe. This was a
Despite these impacts, the NWS achieved LNG reliability of
In H1 2026, the NWS Joint Venture approved the drilling rig contract for the Greater Western Flank Phase 4 Project with drilling targeted to commence in 2027, and targeting first production in 2028.
Preparations are continuing for a planned turnaround for a single LNG Train targeted to commence in September 2026.
The NWS is continuing with infrastructure retirement planning at KGP while maintaining the capacity to provide processing services for third-party gas.
During H1 2026, three legal proceedings continued in the Federal Court of
Woodside is operator and holds a
Following completion of the asset swap agreement with Chevron announced in 2024, Woodside’s participating interest will increase to
Wheatstone and Julimar-Brunello
Wheatstone is an LNG processing facility near
Woodside’s share of Wheatstone production in H1 2026 was 4.4 MMboe. This was a
The Julimar Phase 3 Project, a subsea tie-back to the existing Julimar field production system, completed its subsea construction and drilling campaign in H1 2026 and remains targeted for start-up in H2 2026.
In parallel, decommissioning of three Julimar–Brunello exploration wells commenced in H1 2026. Completion of both activities are condition precedents to the Chevron asset swap.
Woodside is operator and holds a
Woodside holds a
Following completion of the asset swap agreement with Chevron announced in 2024, Woodside will no longer have an interest in Wheatstone and Julimar-Brunello. The asset swap remains targeted for completion in Q4 2026.26
Bass Strait
Bass Strait is located in the south east of
Woodside’s share of production from Bass Strait was 8.4 MMboe in H1 2026, an
In H1 2026, drilling of the five wells under the Turrum Phase 3 Project was completed. The Turrum Phase 3 Project is targeting delivery of gas to the eastern Australian domestic gas market by H1 2027 from the Turrum and North Turrum fields with topsides modifications to the Marlin B platform.
Subsequent to the period, on 1 July 2026, the transfer of operatorship of the Bass Strait assets from ExxonMobil to Woodside occurred, following the satisfaction of the conditions precedent to the transaction.27
Woodside continues to progress technical maturation of four potential development wells that could deliver up to 200 PJ of sales gas to the market. Technical maturity and the impact of the Federal Government’s new domestic gas reservation scheme will influence whether these opportunities are progressed to a final investment decision. Subject to a final investment decision, these would be developed solely by Woodside through the Bass Strait infrastructure.
Woodside became operator on 1 July 2026 and holds a
Other Australian oil and gas assets
Woodside operates three floating production storage and offloading (FPSO) facilities off the north west coast of
Following completion of the asset swap agreement with Chevron announced in 2024, Woodside’s participating interest in the Okha FPSO will increase to
Woodside’s share of production from the FPSO assets was 2.2 MMboe in H1 2026. This was a
Woodside also operates Macedon (Woodside participating interest:
Woodside’s share of production from Macedon was 4.0 MMboe, a
Woodside Solar
Woodside is progressing a potential opportunity to reduce gross Scope 1 greenhouse gas emissions at Pluto LNG by utilising solar energy from the proposed Woodside Solar Project.
Woodside continued activities to progress the proposed Woodside Solar Project, including arrangements to secure access to new and existing common-user transmission infrastructure required to transmit renewable energy to Pluto LNG. Development of this infrastructure is being led by the Western Australian Government and APA Group.
International operations |
Sangomar
The Sangomar Field Development Phase 1 is a deepwater project with a stand-alone FPSO facility moored approximately 100 km offshore
Woodside’s share of production was 15.0 MMboe in H1 2026, a
In H1 2026, Sangomar continued to deliver strong operational performance, averaging 99 Mbbl/d (
H1 2026 sales of Sangomar crude oil were directed to
Evaluation of future development opportunities is ongoing. A potential Phase 2 development leveraging existing installed capacity would include wells targeting the upper S400 reservoirs. Engagements are ongoing with Petrosen (
Woodside is operator and has an
Shenzi
Shenzi is a conventional offshore oil and gas field developed through a tension leg platform located offshore in the Gulf of America.
Woodside’s share of production in H1 2026 was 4.1 MMboe at
Woodside is operator and holds a
Atlantis
Atlantis is a conventional offshore oil and gas development in the Gulf of America. It includes a semi-submersible facility and is one of the largest producing fields in
In H1 2026, water injection commenced on a new well, and the Atlantis Major Facility Expansion Project progressed. Subsequent to the period, the Major Facility Expansion project achieved start-up. The project added subsea infrastructure and upgraded water injection equipment.
Woodside’s share of production in H1 2026 was 6.3 MMboe. This was a
Woodside holds a
Mad Dog
Mad Dog is an offshore conventional oil and gas field located in the Gulf of America and is currently producing from two offshore facilities, A-Spar and Argos. The Argos facility was installed as part of the Mad Dog Phase 2 Project, an ongoing development of the southern flank of the Mad Dog field.
The third and final Mad Dog Southwest Extension well was brought online in Q1 2026, completing the project that began with production from the first production well in August 2025.
Woodside’s share of production in H1 2026 was 5.8 MMboe. This was a
Woodside holds a
Beaumont New Ammonia
Beaumont New Ammonia (BNA) is a 1.1 Mtpa ammonia synthesis plant located in
Woodside's production in H1 2026 was 279 kT with reliability of
Woodside is operator and holds a
Marketing and Trading |
Revenue and trading
Revenue increased
Portfolio optimisation activities captured higher value opportunities across multiple trades, including redirecting Woodside cargoes to higher price markets, and using third-party purchases to meet long-term customer commitments. The value from these activities are realised as cargoes are delivered, resulting in fluctuations in earnings between reporting periods. Further value from trading activities in H1 2026 is expected to be realised in H2 2026.
The marketing segment delivered EBIT of
In H1 2026, approximately
Shipping
Woodside has signed five long-term time charter parties for LNG vessels all commencing in 2029, and added the Woodside Bilangara to Woodside’s fleet of LNG vessels during the period to support the start-up of the Scarborough Energy Project, bringing Woodside’s total number of long-term chartered vessels on the water to nine.
Pipeline gas
Throughout H1 2026,
Woodside executed incremental pipeline gas sales agreements for 58.6 PJ to be delivered to the Western Australian market from 2026 to 2029, including an agreement for the supply of 31.1 PJ with Alcoa.
Woodside also executed incremental pipeline gas sales agreements for 47 PJ to be delivered to the east coast of
On the east coast of
A total of 1,271 TJ of Trucked LNG, equivalent to approximately 1,200 trailers, was delivered in H1 2026 to customers in northern
The Australian Government has released a draft framework for its proposed Domestic Gas Reservation Scheme. Woodside is participating in the consultation process and will continue engaging with government and industry on the design of the scheme. It is important that the final arrangements support national energy security, economic growth and ongoing investment in the new gas supply, helping maintain Australia’s position as a reliable energy supplier to domestic and international customers.
Projects |
Scarborough Energy Project
The
The development includes installation of a floating production unit (FPU) with eight wells drilled in the initial phase and 13 wells drilled over the life of the
The project includes the construction of an integrated remote operations centre (IROC) at Woodside’s headquarters. The IROC will have the capacity to operate the FPU and the Pluto LNG facility from
The project was
The FPU achieved significant milestones throughout the first half of 2026. All upstream infrastructure is now in place, following completion of FPU mooring and hook up to the subsea production system. Subsequent to the period, upstream commissioning and preparations for the introduction of hydrocarbons was completed, and the FPU achieved ready for start-up status and first gas.
Construction and commissioning activities at the Pluto Train 2 site continued, including completion of the gas turbine generator synchronisation with the Pluto site power grid and mechanical runs of three of the six liquefaction compressors.
Modifications which will allow processing of
Woodside is operator and holds a
Trion
Trion is an offshore oil development located in
The project was
Drilling of 24 subsea wells commenced in March 2026 with three production wells drilled during the period.
The FPU achieved key H1 2026 milestones, including completion of topsides and living quarters lifts onto the hull, and commencement of integration and pre-commissioning. FSO construction with dry mega block assembly in dry dock continue to progress in accordance with plan. Fabrication and testing of the disconnectable buoy of the FSO has been completed
Subsea equipment fabrication, including drill centre and central manifolds, three trees, static umbilicals, mooring systems and anchor piles, has been completed and delivered to
Woodside is the operator and holds a
Louisiana LNG
Louisiana LNG is a fully permitted, under-construction LNG production and export terminal located near
In April 2025, Woodside approved an FID to develop the foundation phase of the project, comprising three LNG trains with a capacity of 16.5 Mtpa.
The foundation development was
Key construction progressed during the period included structural steel erection and commencement of above-ground piping installation, advancement of LNG tanks, and marine infrastructure works, including commissioning of the material offloading facility and commencement of dredging.
Bechtel sources structural steel for Louisiana LNG from its fabrication facility in the
Woodside completed the transition of Driftwood Pipeline LLC operatorship to Williams, with execution of the Line 200 lateral pipeline progressing under Williams as operator, including advancing engineering, procurement, and right of way activities.
With foundational transportation and storage capacity secured in 2025, Woodside continued to advance feed gas procurement in line with its gas supply strategy.
Ongoing engagement with high-quality counterparties for equity participation and LNG offtake continues to support progress on the Louisiana LNG sell-down process.
Woodside is operator with a
Hydrogen Refueller @H2Perth
The Hydrogen Refueller @H2Perth is a self-contained hydrogen production, storage and refuelling station located in
Commissioning activities continued on site and the facility has now been handed over to Woodside from the contractor following successful leak testing and cold commissioning. Ready for start-up is now targeted for Q3 2026 and first hydrogen production is targeted for Q4 2026.
Woodside is operator and holds a
Decommissioning |
Woodside continued execution of planned decommissioning activities in H1 2026, spending approximately
In H1 2026, well decommissioning activities continued across multiple assets, including commencing offshore plug and abandonment (P&A) operations for eight subsea wells across the North West Shelf and Julimar-Brunello fields, with P&A completed for two wells so far.
Offshore execution has also progressed at the Stybarrow and Griffin fields in north-west
Following the completion of planned infrastructure recovery from
At Bass Strait, GBJV made strong progress on P&A activities during the period, completing plugging operations on the West Kingfish and Cobia platform wells and commencing platform rig operations on the Halibut and Tuna platforms. This completed all P&A activities for platforms scheduled for removal in Bass Strait Offshore Platform Removal Campaign 1, which is set to commence in Q3 2027.
Preparation for the campaign also advanced, with the National Offshore Petroleum Safety and Environmental Management Authority accepting the Environmental Plan and upgrades commencing at the onshore reception centre at Barry Beach Marine Terminal.
Developments and Exploration |
Browse
The Browse development comprises the Calliance, Brecknock and Torosa gas and condensate fields located approximately 425 km north of Broome,
During H1 2026, work continued to advance regulatory approvals, advance technical definition and progress commercial arrangements for processing Browse volumes through the Karratha Gas Plant. Contractors were engaged to progress pre-FEED engineering scopes for the FPSO facilities. Invitations to tender for the design and construction of the Browse FPSO facilities were issued that will provide market pricing and schedule assumptions to inform a FEED entry decision. Engineering studies commenced to assess downstream modifications required for processing Browse gas at Karratha Gas Plant with a three-train development concept.
The gas processing agreement has been progressed, and will establish the commercial framework and terms for processing Browse gas at the North West Shelf Project’s Karratha Gas Plant.
Woodside continued to engage with regulators as it progresses the primary environmental approvals for Browse. In June 2026, following a determination by the Federal Environment Minister that the Browse CCS Project can be assessed wholly under the amended Environment Protection and Biodiversity Conservation Act 1999 (Cth), Woodside submitted a revised environmental referral to the Commonwealth regulator. The resubmission does not involve any significant changes to the nature, scope or intent of the project.
In June 2026, Woodside exercised its pre-emption right to acquire CNPC's
Subsequent to the period, the Browse to NWS Project was granted State Significant Project status under the Lead Agency Framework by the Western Australian State Government. State Significant Project status provides the highest level of support, helping coordinate engagement on approvals and project development.
Woodside is operator and holds a
Sunrise
The Sunrise development comprises the Sunrise and Troubadour gas and condensate fields, located approximately 450 km north-west of Darwin and 150 km south of Timor-Leste.
The Sunrise Joint Venture participants continued to engage with the Governments of Timor-Leste and
Technical and commercial activities progressed under the Timor-Leste Cooperation Agreement to support maturation of a potential Timor‑based LNG concept.
Woodside is operator and holds a
Calypso
Calypso is a discovered resource located approximately 220 km off the coast of
Woodside is operator and holds a
Liard
The Liard field is an unconventional gas field located in
Woodside holds a
Exploration
Woodside’s exploration activities focused on maturing current opportunities, consistent with its disciplined exploration strategy.
In the US, Woodside was awarded 10 blocks from Gulf of America Lease Sales Big Beautiful Gulf 1 and Big Beautiful Gulf 2. Woodside also participated in the Bandit-1 well which reached total depth during H1 2026 and resulted in a Miocene discovery.35 Post-well analysis continues in order to inform a potential appraisal decision. Woodside continued to actively manage its acreage position across the central and western Gulf of America.
Woodside continued to pursue disciplined portfolio optimisation, including exiting blocks no longer considered prospective. In
H2Perth
The H2Perth Project is a proposal to develop Australia’s first commercial-scale liquid hydrogen production and export facility in
In May 2026, the Environmental Protection Agency approved Woodside’s application under section 43A of the Environmental Protection Act 1986 (WA) to amend the proposal for the Project from its previous concept of a liquified hydrogen and ammonia production facility to a liquefied hydrogen only facility.
Woodside is operator and holds a
NeoSmelt
The NeoSmelt project aims to demonstrate a potential lower-emissions steelmaking pathway for Pilbara iron ores, involving Direct Reduced Iron and Electric Smelting Furnace (DRI-ESF) technology.36
During the reporting period, work on the pilot plant continued, with the design phase now approximately
Woodside holds a
|
Woodside progressed proposed CCS opportunities in
In H1 2026, the proposed Angel CCS Project completed engineering studies as part of pre-FEED and commenced domestic and international engagement with potential customers for CCS services.
The Bonaparte CCS Assessment Joint Venture, operated by INPEX with TotalEnergies and Woodside continues to progress pre-FEED activities.
During H1 2026, environmental planting activities under Woodside’s Native Reforestation Project, including site preparation and seedling installation, were carried out on Woodside-owned properties in
Climate and Sustainability |
Health, safety and wellbeing
There were zero fatalities recorded in H1 2026, and zero Tier 1 or Tier 2 process safety events. One high-consequence injury was recorded during the period, across more than 11 million work hours. The year-to-date lost time injury frequency rate was 0.17, compared with 0.26 for full-year 2025, and the total recordable injury rate was 2.09, compared to 1.64 recorded for full-year 2025.
Subsequent to the period, a sustainability focus session was held on 22 July 2026 with investors on Woodside’s approach to process safety.
Indigenous Peoples cultural heritage and engagement
Woodside continued to engage with around 43 Traditional Owner representative bodies in
Subsequent to the period, the Global Indigenous Peoples Strategy (2025-2030) was launched and is now available on Woodside's website.
Social and economic impact
Woodside published its 2025 Social Contribution Report in April 2026. The report highlighted the positive impacts of Woodside’s
Woodside paid over
Environment and biodiversity
In H1 2026, there were zero hydrocarbon or hazardous non-hydrocarbon spills that resulted in a moderate environmental impact.38
During the half, Woodside launched the Sam Houston Jones Restoration Project, supporting restoration of threatened habitats and key wildlife species in
In H1 2026, the Watheroo Biodiversity Project in
Climate and the energy transition
In Q1 2026, Woodside published AASB S2 climate-related disclosures in the 2025 Annual Report.
Woodside Sustainability Briefing 2026 was held on 16 March 2026, highlighting Woodside’s 2025 sustainability performance with regards to its 2025 material topics.39 This included content relevant to its 2025 material sustainability topics.
In H1 2026, Woodside submitted its second annual Oil and Gas Methane Partnership 2.0 (OGMP2.0) implementation plan to the United Nations Environment Programme (UNEP), including first-time Level 5 reporting for Léopold Sédar Senghor FPSO and Karratha Gas Plant methane emissions. Level 5 is OGMP 2.0’s highest data quality standard, requiring reconciliation of granular source-level estimates with independent site-level measurements.
Directors’ Report |
The directors of Woodside Energy Group Ltd present their report (including the review of operations of Woodside Energy Group Ltd and its controlled entities (Group) set out on pages 1 – 15 which forms part of this report) together with the Half-Year Financial Statements of the Group.
Board of directors
The names of directors in office during or since the end of the 2026 half-year are as follows:
Mr Richard Goyder, AO (Chair) |
Ms Liz Westcott (CEO and Managing Director) 40 |
Mr Larry Archibald |
Mr Ashok Belani |
Mr Arnaud Breuillac |
Ms Swee Chen Goh |
Mr Ben Wyatt, AO |
Ms Angela Minas |
Mr Mark Cutifani, CBE41 |
Ms Ann Pickard |
Mr Ian Macfarlane (retired)42 |
Mr Tony O’Neill (resigned)43 |
Rounding of amounts
Woodside Energy Group Ltd is an entity to which the Australian Securities and Investments Commission (ASIC) Corporations (Rounding in Financial/Directors’ Reports) Instrument 2026/183 (ASIC Instrument 2026/183) applies. Amounts in this report have been rounded in accordance with ASIC Instrument 2026/183. This means that amounts contained in this report have been rounded to the nearest million dollars, unless otherwise stated.
Auditor’s Independence Declaration
The Auditor’s Independence Declaration, as required under section 307C of the Corporations Act 2001, is set out on page 17 and forms part of this report.
Signed in accordance with a resolution of the directors.
R J Goyder, AO
Chair
25 August 2026
Auditor’s Independence Declaration to the Directors of Woodside Energy Group Ltd |
Auditor’s Independence Declaration
As lead auditor of Woodside Energy Group Ltd's financial report for the half-year ended 30 June 2026, I declare that, to the best of my knowledge and belief, there have been:
- no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review of the financial report; and
- no contraventions of any applicable code of professional conduct in relation to the review of the financial report.
N M Henry
|
|
|
pwc.com.au |
PricewaterhouseCoopers, ABN 52 780 433 757
Brookfield Place, Level 15, 125 St Georges Terrace,
GPO Box D198, T: +61 8 9238 3000, F: +61 8 9238 3999, www.pwc.com.au
Liability limited by a scheme approved under Professional Standards Legislation. |
HALF-YEAR FINANCIAL STATEMENTS
for the half-year ended 30 June 2026
CONTENTS
CONDENSED CONSOLIDATED INCOME STATEMENT |
20 |
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
21 |
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
22 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS |
23 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
24 |
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
25 |
A. Earnings for the period |
27 |
A.1 Segment revenue and expenses |
27 |
A.2 Finance costs |
28 |
A.3 Dividends paid and proposed |
28 |
A.4 Earnings per share |
28 |
A.5 Taxes |
29 |
B. Production and growth assets |
30 |
B.1 Exploration and evaluation assets |
30 |
B.2 Property, plant and equipment |
31 |
B.3 Impairment of exploration and evaluation assets, property, plant and equipment and goodwill |
32 |
B.4 Intangible assets |
33 |
B.5 Transactions with equity holders of the Group |
34 |
C. Debt and capital |
35 |
C.1 Interest-bearing liabilities and financing facilities |
35 |
C.2 Contributed equity |
36 |
D. Other assets and liabilities |
37 |
D.1 Segment assets and liabilities |
37 |
D.2 Provisions |
38 |
D.3 Other financial assets and liabilities |
39 |
E. Other items |
41 |
E.1 Contingent liabilities and assets |
41 |
E.2 New standards and interpretations |
41 |
E.3 Events after the end of the reporting period |
41 |
E.4 Subsidiaries |
42 |
DIRECTORS’ DECLARATION |
44 |
INDEPENDENT AUDITOR’S REVIEW REPORT |
45 |
Significant changes in the current reporting period
The financial performance and position of the Group were affected by the following:
-
Geopolitical developments in the
Middle East contributed to increased volatility in oil and LNG prices and broader market uncertainty during the period. The full impact of higher LNG prices has not yet been realised due to lagged pricing mechanisms. -
In July 2025, the Group completed the disposal of the
Greater Angostura assets inTrinidad and Tobago to Perenco Energies International Limited (Perenco), which impacted revenue for the first half of 2026 relative to the comparative period, when the assets contributed$145m -
The Group recognised an additional
$596 million $90 million -
As at 30 June 2026, the Group recognised impairment losses of
$178 million $135 million 70% operated interest in the Calypso Project, and$43 million -
The Group recognised
$138 million 2 GIP ) transaction, reflecting updated expectations that potential construction cost overruns and liquidated damages will not crystallise. -
The Group recognised approximately
$655 million
CONDENSED CONSOLIDATED INCOME STATEMENT
for the half-year ended 30 June 2026 |
|||
|
|
2026 |
2025 |
|
Notes |
US$m |
US$m |
Operating revenue |
A.1 |
7,446 |
6,590 |
Cost of sales |
A.1 |
(4,604) |
(4,045) |
Gross profit |
|
2,842 |
2,545 |
Other income |
A.1 |
264 |
379 |
Other expenses |
A.1 |
(771) |
(964) |
Impairment losses |
A.1 |
(178) |
(143) |
Profit before tax and net finance costs |
|
2,157 |
1,817 |
Finance income |
|
123 |
106 |
Finance costs |
A.2 |
(245) |
(169) |
Profit before tax |
|
2,035 |
1,754 |
Petroleum resource rent tax (PRRT) benefit/(expense) |
A.5 |
305 |
(71) |
Income tax expense |
A.5 |
(667) |
(353) |
Profit after tax |
|
1,673 |
1,330 |
Profit attributable to: |
|
|
|
Equity holders of the parent |
|
1,672 |
1,316 |
Non-controlling interest |
E.4 |
1 |
14 |
Profit for the period |
|
1,673 |
1,330 |
Basic earnings per share attributable to equity holders of the parent (US cents) |
A.4 |
88.2 |
69.4 |
Diluted earnings per share attributable to equity holders of the parent (US cents) |
A.4 |
87.3 |
68.8 |
The accompanying notes form part of the half-year financial statements. |
|||
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the half-year ended 30 June 2026 |
||
|
2026 |
2025 |
|
US$m |
US$m |
Profit for the period |
1,673 |
1,330 |
Other comprehensive (loss)/income |
|
|
Items that may be reclassified to the income statement in subsequent periods: |
|
|
(Losses)/gains on cash flow hedges |
(526) |
289 |
Gains on cash flow hedges reclassified to the income statement |
(72) |
(16) |
Tax recognised within other comprehensive income |
149 |
(57) |
Items that will not be reclassified to the income statement in subsequent periods: |
|
|
Remeasurement gain on defined benefit plan |
3 |
2 |
Net loss on financial instruments at fair value through other comprehensive income |
— |
(33) |
Other comprehensive (loss)/income for the period, net of tax |
(446) |
185 |
Total comprehensive income for the period |
1,227 |
1,515 |
Total comprehensive income attributable to: |
|
|
Equity holders of the parent |
1,226 |
1,501 |
Non-controlling interest |
1 |
14 |
Total comprehensive income for the period |
1,227 |
1,515 |
The accompanying notes form part of the half-year financial statements. |
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 30 June 2026 |
|||
|
|
30 June 2026 |
31 December 2025 |
|
Notes |
US$m |
US$m |
Current assets |
|
|
|
Cash and cash equivalents |
|
4,339 |
5,712 |
Receivables |
|
1,928 |
1,751 |
Inventories |
|
579 |
693 |
Other financial assets |
D.3 |
119 |
229 |
Tax receivable |
|
184 |
114 |
Other assets |
|
47 |
123 |
Total current assets |
|
7,196 |
8,622 |
Non-current assets |
|
|
|
Receivables |
|
771 |
823 |
Inventories |
|
371 |
288 |
Other financial assets |
D.3 |
109 |
64 |
Exploration and evaluation assets |
B.1 |
710 |
790 |
Property, plant and equipment |
B.2 |
47,797 |
46,555 |
Deferred tax assets |
|
3,288 |
2,658 |
Lease assets |
|
1,795 |
1,428 |
Investments accounted for using the equity method |
|
272 |
260 |
Intangible assets |
B.4 |
4,856 |
4,853 |
Other assets |
|
516 |
160 |
Total non-current assets |
|
60,485 |
57,879 |
Total assets |
|
67,681 |
66,501 |
Current liabilities |
|
|
|
Payables |
|
1,779 |
1,841 |
Interest-bearing liabilities |
C.1 |
983 |
782 |
Other financial liabilities |
D.3 |
148 |
8 |
Provisions |
D.2 |
1,238 |
1,212 |
Tax payable |
|
500 |
539 |
Lease liabilities |
|
303 |
159 |
Other liabilities |
|
229 |
876 |
Total current liabilities |
|
5,180 |
5,417 |
Non-current liabilities |
|
|
|
Interest-bearing liabilities |
C.1 |
10,387 |
11,181 |
Deferred tax liabilities |
|
1,273 |
1,182 |
Other financial liabilities |
D.3 |
363 |
212 |
Provisions |
D.2 |
6,397 |
6,655 |
Tax payable |
|
10 |
10 |
Lease liabilities |
|
1,995 |
1,600 |
Other liabilities |
|
352 |
401 |
Total non-current liabilities |
|
20,777 |
21,241 |
Total liabilities |
|
25,957 |
26,658 |
Net assets |
|
41,724 |
39,843 |
Equity |
|
|
|
Issued and fully paid shares |
C.2 |
29,036 |
29,036 |
Shares reserved for employee share plans |
C.2 |
(72) |
(82) |
Other reserves |
|
6,034 |
6,382 |
Retained earnings |
|
1,053 |
578 |
Equity attributable to equity holders of the parent |
|
36,051 |
35,914 |
Non-controlling interest |
E.4 |
5,673 |
3,929 |
Total equity |
|
41,724 |
39,843 |
|
|||
The accompanying notes form part of the half-year financial statements. |
|||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
for the half-year ended 30 June 2026 |
|||
|
|
2026 |
2025 |
|
Notes |
US$m |
US$m |
Cash flows from/(used in) operating activities |
|
|
|
Profit after tax for the period |
|
1,673 |
1,330 |
Adjustments for: |
|
|
|
Non-cash items |
|
|
|
Depreciation and amortisation |
|
2,223 |
2,555 |
Depreciation of lease assets |
|
89 |
85 |
Change in fair value of derivative financial instruments |
|
176 |
(206) |
Net finance costs |
|
122 |
63 |
Tax expense |
|
362 |
424 |
Impairment losses |
B.3 |
178 |
143 |
Restoration movement |
|
(5) |
445 |
Other |
|
(143) |
(99) |
Changes in assets and liabilities |
|
|
|
(Increase)/decrease in trade and other receivables |
|
(65) |
122 |
Decrease/(increase) in inventories |
|
31 |
(65) |
Decrease in provisions |
|
(129) |
(112) |
(Decrease)/increase in other assets and liabilities |
|
(363) |
103 |
Decrease in trade and other payables |
|
(62) |
(186) |
Cash generated from operations |
|
4,087 |
4,602 |
Interest received |
|
109 |
89 |
Borrowing costs relating to operating activities |
|
(84) |
(5) |
Income tax and PRRT paid |
|
(825) |
(782) |
Payments for restoration |
|
(274) |
(565) |
Net cash from operating activities |
|
3,013 |
3,339 |
Cash flows (used in)/from investing activities |
|
|
|
Cash paid relating to business combination1 |
|
(470) |
— |
Payments for capital and exploration expenditure |
|
(3,673) |
(4,881) |
Reimbursements received from external parties for capital expenditure |
|
181 |
236 |
Borrowing costs relating to investing activities |
|
(297) |
(330) |
Deposits received from disposal of non-current assets |
|
— |
21 |
(Contributions to)/dividends from associates |
|
(27) |
17 |
Net cash used in investing activities |
|
(4,286) |
(4,937) |
Cash flows (used in)/from financing activities |
|
|
|
Proceeds from borrowings |
C.1 |
— |
4,849 |
Repayment of borrowings |
C.1 |
(602) |
(2,900) |
Purchases of shares relating to employee share plans |
|
— |
(26) |
Repayment of the principal portion of lease liabilities |
|
(111) |
(108) |
Borrowing costs relating to lease liabilities |
|
(1) |
(1) |
Contributions from/to non-controlling interests2 |
|
1,737 |
1,843 |
Dividends paid |
|
(1,122) |
(1,006) |
Net cash (used in)/from financing activities |
|
(99) |
2,651 |
Net (decrease)/increase in cash held |
|
(1,372) |
1,053 |
Less: Cash and cash equivalents classified within assets held for sale |
|
— |
(108) |
Cash and cash equivalents at the beginning of the period |
|
5,712 |
3,923 |
Effects of exchange rate changes |
|
(1) |
12 |
Cash and cash equivalents at the end of the period |
|
4,339 |
4,880 |
|
|||
The accompanying notes form part of the half-year financial statements. |
|||
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the half-year ended 30 June 2026 |
||||||||||||
|
||||||||||||
|
Issued and fully paid shares |
Reserved shares |
Employee benefits reserve |
Non-controlling interest reserve |
Foreign currency translation reserve |
Hedging reserve |
Distributable profits reserve |
Other reserve |
Retained earnings |
Equity holders of the parent |
Non-controlling interest |
Total equity |
Notes |
C.2 |
C.2 |
|
|
|
|
|
|
|
|
E.4 |
|
|
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
At 1 January 2026 |
29,036 |
(82) |
287 |
(373) |
795 |
188 |
5,557 |
(72) |
578 |
35,914 |
3,929 |
39,843 |
Profit for the period |
— |
— |
— |
— |
— |
— |
— |
— |
1,672 |
1,672 |
1 |
1,673 |
Other comprehensive (loss)/income |
— |
— |
— |
— |
— |
(449) |
— |
— |
3 |
(446) |
— |
(446) |
Total comprehensive (loss)/income for the period |
— |
— |
— |
— |
— |
(449) |
— |
— |
1,675 |
1,226 |
1 |
1,227 |
Transfers |
— |
— |
— |
— |
— |
— |
1,200 |
— |
(1,200) |
— |
— |
— |
Transactions with non-controlling interests1 |
— |
— |
— |
(20) |
— |
— |
— |
— |
— |
(20) |
1,754 |
1,734 |
Employee share plan redemptions |
— |
10 |
(10) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
Share-based payments (net of tax) |
— |
— |
53 |
— |
— |
— |
— |
— |
— |
53 |
— |
53 |
Dividends paid |
— |
— |
— |
— |
— |
— |
(1,122) |
— |
— |
(1,122) |
(11) |
(1,133) |
At 30 June 2026 |
29,036 |
(72) |
330 |
(393) |
795 |
(261) |
5,635 |
(72) |
1,053 |
36,051 |
5,673 |
41,724 |
At 1 January 2025 |
29,001 |
(58) |
281 |
— |
795 |
1 |
3,069 |
(38) |
2,348 |
35,399 |
754 |
36,153 |
Profit for the period |
— |
— |
— |
— |
— |
— |
— |
— |
1,316 |
1,316 |
14 |
1,330 |
Other comprehensive income/(loss) |
— |
— |
— |
— |
— |
216 |
— |
(33) |
2 |
185 |
— |
185 |
Total comprehensive income/(loss) for the period |
— |
— |
— |
— |
— |
216 |
— |
(33) |
1,318 |
1,501 |
14 |
1,515 |
Transfers |
— |
— |
— |
— |
— |
— |
3,000 |
— |
(3,000) |
— |
— |
— |
Transactions with non-controlling interests1 |
— |
— |
— |
(270) |
— |
— |
— |
— |
— |
(270) |
2,140 |
1,870 |
Employee share plan purchases |
— |
(26) |
— |
— |
— |
— |
— |
— |
— |
(26) |
— |
(26) |
Employee share plan redemptions |
— |
13 |
(13) |
— |
— |
— |
— |
— |
— |
— |
— |
— |
Share-based payments (net of tax) |
— |
— |
41 |
— |
— |
— |
— |
— |
— |
41 |
— |
41 |
Dividends paid |
— |
— |
— |
— |
— |
— |
(1,006) |
— |
— |
(1,006) |
(40) |
(1,046) |
At 30 June 2025 |
29,001 |
(71) |
309 |
(270) |
795 |
217 |
5,063 |
(71) |
666 |
35,639 |
2,868 |
38,507 |
|
||||||||||||
The accompanying notes form part of the half-year financial statements. |
||||||||||||
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
for the half-year ended 30 June 2026
About these statements
Woodside Energy Group Ltd (Woodside or the Group) is a for-profit entity limited by shares, incorporated and domiciled in
The condensed consolidated half-year financial statements were authorised for issue in accordance with a resolution of the directors on 25 August 2026.
Statement of compliance
The condensed consolidated half-year financial statements are condensed general purpose financial statements, which have been prepared in accordance with Australian Accounting Standard (AASB) 134 Interim Financial Reporting as issued by the Australian Accounting Standards Board and the Australian Corporations Act 2001. These condensed consolidated half-year financial statements also comply with International Accounting Standard (IAS) 34 Interim Financial Reporting as issued by the International Accounting Standards Board.
The condensed consolidated half-year financial statements do not include all notes of the type normally included in annual financial statements. Accordingly, these condensed consolidated half-year financial statements are to be read in conjunction with the Financial Statements within the Annual Report for the year ended 31 December 2025 (2025 Financial Statements).
The Group’s accounting policies are materially consistent with those disclosed in the Group’s 2025 Financial Statements. Adoption of new or amended standards and interpretations effective 1 January 2026 did not result in any significant changes to the Group’s accounting policies. Refer to Note E.2 for more details.
The significant accounting estimates and judgements are consistent with those disclosed in the 2025 Financial Statements. Estimates have been revised, where required, to reflect current market conditions including the impact of climate change.
Currency
The functional and presentation currency of Woodside and all its material subsidiaries is US dollars.
Transactions in foreign currencies are initially recorded in the functional currency of the transacting entity at the exchange rates ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated at the rates of exchange ruling at that date. Exchange differences in the consolidated financial statements are taken to the condensed consolidated income statement.
Rounding of amounts
The amounts contained in the condensed consolidated half-year financial statements have been rounded to the nearest million dollars under the option available to the Group under Australian Securities and Investments Commission (ASIC) Corporations (Rounding in Financial/Directors’ Reports) Instrument 2026/183 dated 24 March 2026, unless otherwise stated.
Basis of preparation
The condensed consolidated half-year financial statements have been prepared on an historical cost basis, except for derivative financial instruments and certain other financial assets and financial liabilities, which have been measured at fair value adjusted for changes in fair value attributable to the risks that are being hedged in effective hedge relationships. Where not carried at fair value, if the carrying value of financial assets and financial liabilities does not approximate their fair value, the fair value has been included in the notes to the condensed consolidated half-year financial statements.
The condensed consolidated half-year financial statements comprise the financial results of the Group for the period ended 30 June 2026. Subsidiaries are fully consolidated from the date on which control is obtained by the Group and cease to be consolidated from the date at which the Group ceases to have control.
The material subsidiaries of the Group apply the same reporting period and accounting policies as the parent company in preparation of the condensed consolidated half-year financial statements. All intercompany balances and transactions, including unrealised profits and losses arising from intra-group transactions, have been eliminated in full.
Non-controlling interests are allocated their share of the net profit after tax in the condensed consolidated income statement; their share of other comprehensive income, net of tax, in the condensed consolidated statement of comprehensive income; and are presented within equity in the condensed consolidated statement of financial position, separately from parent shareholders’ equity.
Comparative information
The condensed consolidated half-year financial statements provide comparative information in respect of the previous period. Where required, a reclassification of items in the financial statements of the previous period has been made in accordance with the classification of items in the condensed consolidated half-year financial statements of the current period. Refer to Note A.1 for more details.
Reporting segments
Refer to the 2025 Financial Statements for details of the Group’s operating segment information.
A. Earnings for the period
A.1 Segment revenue and expenses
|
|
International |
Marketing |
Corporate |
Consolidated |
|||||
|
2026 |
2025 |
2026 |
2025 |
2026 |
2025 |
2026 |
2025 |
2026 |
2025 |
|
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
Liquified natural gas |
2,189 |
2,417 |
— |
— |
836 |
522 |
— |
— |
3,025 |
2,939 |
Pipeline gas |
565 |
564 |
20 |
141 |
— |
— |
— |
— |
585 |
705 |
Crude oil and condensate |
784 |
683 |
2,515 |
2,011 |
142 |
13 |
— |
— |
3,441 |
2,707 |
Natural gas liquids |
115 |
90 |
17 |
18 |
2 |
9 |
— |
— |
134 |
117 |
Ammonia |
— |
— |
171 |
— |
— |
— |
— |
— |
171 |
— |
Revenue from sale of products |
3,653 |
3,754 |
2,723 |
2,170 |
980 |
544 |
— |
— |
7,356 |
6,468 |
Intersegment revenue1 |
(101) |
(9) |
— |
— |
101 |
9 |
— |
— |
— |
— |
Processing and services revenue |
88 |
109 |
— |
— |
— |
— |
— |
— |
88 |
109 |
Shipping and other revenue |
— |
— |
— |
— |
2 |
13 |
— |
— |
2 |
13 |
Other revenue |
(13) |
100 |
— |
— |
103 |
22 |
— |
— |
90 |
122 |
Operating revenue2 |
3,640 |
3,854 |
2,723 |
2,170 |
1,083 |
566 |
— |
— |
7,446 |
6,590 |
Production costs3 |
(539) |
(399) |
(210) |
(268) |
— |
— |
— |
— |
(749) |
(667) |
Feed gas, services and processing costs3 |
(92) |
(92) |
(146) |
— |
— |
— |
— |
— |
(238) |
(92) |
Royalties, excise and levies |
(134) |
(126) |
(9) |
(30) |
— |
— |
— |
— |
(143) |
(156) |
Insurance |
(16) |
(19) |
(11) |
(8) |
— |
— |
(6) |
(10) |
(33) |
(37) |
Inventory movement |
(77) |
(7) |
23 |
6 |
— |
— |
— |
— |
(54) |
(1) |
Costs of production |
(858) |
(643) |
(353) |
(300) |
— |
— |
(6) |
(10) |
(1,217) |
(953) |
Property, plant and equipment depreciation |
(1,032) |
(1,170) |
(1,150) |
(1,340) |
— |
— |
(27) |
(31) |
(2,209) |
(2,541) |
Shipping and direct sales costs |
(70) |
(36) |
(53) |
(41) |
(54) |
(43) |
— |
— |
(177) |
(120) |
Trading costs |
(101) |
(88) |
— |
— |
(871) |
(322) |
— |
— |
(972) |
(410) |
Other hydrocarbon costs |
(10) |
(6) |
— |
— |
— |
— |
— |
— |
(10) |
(6) |
Other |
(14) |
(15) |
(5) |
— |
— |
— |
— |
— |
(19) |
(15) |
Other cost of sales |
(195) |
(145) |
(58) |
(41) |
(925) |
(365) |
— |
— |
(1,178) |
(551) |
Cost of sales |
(2,085) |
(1,958) |
(1,561) |
(1,681) |
(925) |
(365) |
(33) |
(41) |
(4,604) |
(4,045) |
Gross profit/(loss) |
1,555 |
1,896 |
1,162 |
489 |
158 |
201 |
(33) |
(41) |
2,842 |
2,545 |
Other income4 |
230 |
82 |
8 |
67 |
12 |
(9) |
14 |
239 |
264 |
379 |
Exploration and evaluation expenditure |
(26) |
(10) |
(73) |
(71) |
— |
— |
— |
— |
(99) |
(81) |
Amortisation of permit acquisitions |
— |
— |
(4) |
(3) |
— |
— |
— |
— |
(4) |
(3) |
Write-offs |
— |
— |
(1) |
— |
— |
— |
— |
— |
(1) |
— |
Exploration and evaluation |
(26) |
(10) |
(78) |
(74) |
— |
— |
— |
— |
(104) |
(84) |
General, administration and other costs |
(28) |
(15) |
(46) |
(8) |
— |
(1) |
(168) |
(237) |
(242) |
(261) |
Amortisation of intangible assets |
— |
— |
(1) |
— |
— |
— |
(9) |
(11) |
(10) |
(11) |
Depreciation of lease assets |
(12) |
(18) |
(3) |
(1) |
(44) |
(39) |
(30) |
(27) |
(89) |
(85) |
Restoration movement |
3 |
(443) |
2 |
(2) |
— |
— |
— |
— |
5 |
(445) |
Other5 |
(58) |
(19) |
(26) |
(2) |
(72) |
(8) |
(175) |
(49) |
(331) |
(78) |
Other costs |
(95) |
(495) |
(74) |
(13) |
(116) |
(48) |
(382) |
(324) |
(667) |
(880) |
Other expenses |
(121) |
(505) |
(152) |
(87) |
(116) |
(48) |
(382) |
(324) |
(771) |
(964) |
Impairment losses6 |
— |
— |
(135) |
— |
— |
— |
(43) |
(143) |
(178) |
(143) |
Profit/(loss) before tax and net finance costs |
1,664 |
1,473 |
883 |
469 |
54 |
144 |
(444) |
(269) |
2,157 |
1,817 |
|
||||||||||
A.2 Finance costs
|
2026 |
2025 |
|
US$m |
US$m |
Interest on interest-bearing liabilities |
303 |
281 |
Interest on lease liabilities |
65 |
51 |
Accretion charge |
156 |
148 |
Other finance costs |
17 |
29 |
Less: Borrowing costs capitalised against qualifying assets |
(296) |
(340) |
Total finance costs |
245 |
169 |
A.3 Dividends paid and proposed
Woodside Energy Group Ltd, the parent entity, paid and proposed dividends as set out below:
|
2026 |
2025 |
|
US$m |
US$m |
(a) Dividends paid during the financial year |
|
|
Prior year fully franked final dividend |
1,122 |
1,006 |
(b) Dividend determined subsequent to the reporting period (not recorded as a liability) |
|
|
Current year fully franked interim dividend
(2025: |
1,084 |
1,006 |
A.4 Earnings per share
|
2026 |
2025 |
Profit attributable to equity holders of the parent (US$m) |
1,672 |
1,316 |
Weighted average number of shares on issue for basic earnings per share |
1,896,068,066 |
1,895,162,804 |
Effect of dilution from contingently issuable shares |
19,457,286 |
17,049,593 |
Weighted average number of shares on issue adjusted for the effect of dilution |
1,915,525,352 |
1,912,212,397 |
Basic earnings per share (US cents) |
88.2 |
69.4 |
Diluted earnings per share (US cents) |
87.3 |
68.8 |
Earnings per share is calculated by dividing the profit for the period attributable to ordinary equity holders of the parent by the weighted average number of shares on issue during the period. The weighted average number of shares makes allowance for shares reserved for employee share plans. Diluted earnings per share is calculated by adjusting basic earnings per share by the number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. |
||
A.5 Taxes
|
2026 |
2025 |
|
US$m |
US$m |
Reconciliation of income tax expense/(benefit) |
|
|
Profit before tax |
2,035 |
1,754 |
PRRT benefit/(expense) |
305 |
(71) |
Profit before income tax |
2,340 |
1,683 |
Income tax expense calculated at |
702 |
505 |
Effect of tax rate differentials |
41 |
42 |
Effect of deferred tax assets not recognised |
50 |
12 |
Effect of tax benefits previously unrecognised |
(90) |
(193) |
Foreign exchange impact on tax expense/(benefit) |
28 |
(35) |
Adjustment to prior years |
(41) |
4 |
Other |
(23) |
18 |
Income tax expense |
667 |
353 |
The global operations effective income tax rate (EITR) of
During the period, the Group recognised an additional PRRT deferred tax asset of |
||
B. Production and growth assets
B.1 Exploration and evaluation assets
|
|
|
|
Total |
|
US$m |
US$m |
US$m |
US$m |
Half-year ended 30 June 2026 |
|
|
|
|
Carrying amount at 1 January 2026 |
582 |
207 |
1 |
790 |
Additions |
18 |
47 |
— |
65 |
Amortisation of licence acquisition costs |
— |
(4) |
— |
(4) |
Expensed |
— |
(1) |
— |
(1) |
Impairment1 |
— |
(135) |
— |
(135) |
Transferred exploration and evaluation |
(5) |
— |
— |
(5) |
Carrying amount at 30 June 2026 |
595 |
114 |
1 |
710 |
|
|
|
|
|
Year ended 31 December 2025 |
|
|
|
|
Carrying amount at 1 January 2025 |
571 |
149 |
1 |
721 |
Additions |
17 |
67 |
— |
84 |
Amortisation of licence acquisition costs |
— |
(5) |
— |
(5) |
Expensed |
— |
(4) |
— |
(4) |
Transferred exploration and evaluation |
(6) |
— |
— |
(6) |
Carrying amount at 31 December 2025 |
582 |
207 |
1 |
790 |
|
||||
B.2 Property, plant and equipment
|
Land and buildings |
Oil and gas properties |
Projects in development1 |
Other plant and equipment |
Total |
|
US$m |
US$m |
US$m |
US$m |
US$m |
Half-year ended 30 June 2026 |
|
|
|
|
|
Carrying amount at 1 January 2026 |
744 |
23,091 |
22,437 |
283 |
46,555 |
Additions2 |
— |
9 |
3,492 |
— |
3,501 |
Disposals at written down value |
— |
— |
(12) |
— |
(12) |
Impairment loss3 |
— |
— |
(43) |
— |
(43) |
Completions and transfers4 |
136 |
398 |
(2,010) |
1,481 |
5 |
Depreciation |
(32) |
(2,135) |
— |
(42) |
(2,209) |
Carrying amount at 30 June 2026 |
848 |
21,363 |
23,864 |
1,722 |
47,797 |
At 30 June 2026 |
|
|
|
|
|
Historical cost |
2,035 |
59,227 |
24,389 |
2,201 |
87,852 |
Accumulated depreciation and impairment |
(1,187) |
(37,864) |
(525) |
(479) |
(40,055) |
Carrying amount |
848 |
21,363 |
23,864 |
1,722 |
47,797 |
Year ended 31 December 2025 |
|
|
|
|
|
Carrying amount at 1 January 2025 |
734 |
25,787 |
15,926 |
189 |
42,636 |
Adjustment to purchase price allocation |
(21) |
— |
(9) |
— |
(30) |
Additions |
— |
657 |
8,658 |
10 |
9,325 |
Disposals at written down value |
(6) |
(44) |
(143) |
(3) |
(196) |
Impairment loss |
— |
— |
(143) |
— |
(143) |
Completions and transfers |
98 |
1,609 |
(1,852) |
151 |
6 |
Depreciation |
(61) |
(4,918) |
— |
(64) |
(5,043) |
Carrying amount at 31 December 2025 |
744 |
23,091 |
22,437 |
283 |
46,555 |
At 31 December 2025 |
|
|
|
|
|
Historical cost |
1,899 |
58,820 |
22,919 |
720 |
84,358 |
Accumulated depreciation and impairment |
(1,155) |
(35,729) |
(482) |
(437) |
(37,803) |
Carrying amount |
744 |
23,091 |
22,437 |
283 |
46,555 |
|
|||||
The Group has capital commitments contracted for, but not provided for in the financial statements, of |
|||||
B.3 Impairment of exploration and evaluation assets, property, plant and equipment and goodwill
Impairment of Calypso exploration and evaluation asset
As at 30 June 2026, the Calypso exploration and evaluation asset was assessed as not fully recoverable following the Group's decision to pursue a divestment of its
Impairment of H2OK Project
As at 30 June 2026, the remaining H2OK Project assets were assessed as not recoverable following the decision to retire the assets. Consequently, an impairment loss before tax of
B.4 Intangible assets
|
Goodwill |
Contract assets |
Software |
Total |
|
US$m |
US$m |
US$m |
US$m |
Half-year ended 30 June 2026 |
|
|
|
|
Carrying amount at 1 January 2026 |
3,952 |
714 |
187 |
4,853 |
Additions |
– |
– |
18 |
18 |
Amortisation |
– |
(2) |
(8) |
(10) |
Disposals |
– |
(5) |
– |
(5) |
Carrying amount at 30 June 2026 |
3,952 |
707 |
197 |
4,856 |
At 30 June 2026 |
|
|
|
|
Cost |
4,429 |
796 |
238 |
5,463 |
Accumulated amortisation and impairment |
(477) |
(89) |
(41) |
(607) |
Carrying amount |
3,952 |
707 |
197 |
4,856 |
Year ended 31 December 2025 |
|
|
|
|
Carrying amount at 1 January 2025 |
3,866 |
757 |
203 |
4,826 |
Adjustment to purchase price allocation |
86 |
30 |
– |
116 |
Additions |
– |
– |
2 |
2 |
Amortisation |
– |
(73) |
(18) |
(91) |
Carrying amount at 31 December 2025 |
3,952 |
714 |
187 |
4,853 |
At 31 December 2025 |
|
|
|
|
Cost |
4,429 |
814 |
220 |
5,463 |
Accumulated amortisation and impairment |
(477) |
(100) |
(33) |
(610) |
Carrying amount |
3,952 |
714 |
187 |
4,853 |
|
||||
B.5 Transactions with equity holders of the Group
Sell-down arrangement with Stonepeak
During 2025, the Group and Stonepeak entered into an agreement for Stonepeak to acquire a
Under the agreement, the Group still controls Louisiana LNG Infrastructure LLC, while Stonepeak now holds a non-controlling interest. Transactions that do not result in the Group's loss of control are treated as equity transactions. When ownership percentages change, the carrying amounts of both controlling and non-controlling interests are adjusted based on their relative interest in the subsidiary. Any difference between the adjustment to non-controlling interests and consideration received is recorded in a separate equity reserve. Stonepeak’s non-controlling interest percentage is based on the proportion of total contributions to date and will fluctuate during the construction phase. The non-controlling interest percentage will to revert to
C. Debt and capital
C.1 Interest-bearing liabilities and financing facilities
|
Bilateral facilities |
Syndicated facilities |
JBIC facility |
US bonds |
Medium term notes |
Total |
|
US$m |
US$m |
US$m |
US$m |
US$m |
US$m |
Half-year ended 30 June 2026 |
|
|
|
|
|
|
At 1 January 2026 |
(4) |
2,232 |
1,000 |
8,535 |
200 |
11,963 |
Repayments1 |
— |
(600) |
— |
— |
— |
(600) |
Transaction costs capitalised and amortised |
(1) |
2 |
— |
6 |
— |
7 |
Carrying amount at 30 June 2026 |
(5) |
1,634 |
1,000 |
8,541 |
200 |
11,370 |
Current |
(2) |
(4) |
— |
789 |
200 |
983 |
Non-current |
(3) |
1,638 |
1,000 |
7,752 |
— |
10,387 |
Carrying amount at 30 June 2026 |
(5) |
1,634 |
1,000 |
8,541 |
200 |
11,370 |
Undrawn balance at 30 June 2026 |
2,650 |
1,200 |
— |
— |
— |
3,850 |
Year ended 31 December 2025 |
|
|
|
|
|
|
At 1 January 2025 |
495 |
2,233 |
1,000 |
6,069 |
200 |
9,997 |
Drawdowns |
1,400 |
— |
— |
3,500 |
— |
4,900 |
Repayments |
(1,900) |
— |
— |
(1,000) |
— |
(2,900) |
Transaction costs capitalised and amortised |
1 |
(1) |
— |
(34) |
— |
(34) |
Carrying amount at 31 December 2025 |
(4) |
2,232 |
1,000 |
8,535 |
200 |
11,963 |
Current |
(2) |
(5) |
— |
789 |
— |
782 |
Non-current |
(2) |
2,237 |
1,000 |
7,746 |
200 |
11,181 |
Carrying amount at 31 December 2025 |
(4) |
2,232 |
1,000 |
8,535 |
200 |
11,963 |
Undrawn balance at 31 December 2025 |
2,350 |
1,200 |
— |
— |
— |
3,550 |
|
||||||
There were no new covenants or other material changes to interest-bearing liabilities and financing facilities.
Fair value
The carrying amounts of interest-bearing liabilities approximate their fair values, with the exception of the Group’s unsecured bonds and the medium-term notes. The unsecured bonds have a carrying amount of
C.2 Contributed equity
Issued and fully paid shares
|
Number of shares |
US$m |
Half-year ended 30 June 2026 |
|
|
Opening balance |
1,901,100,143 |
29,036 |
Amounts as at 30 June 2026 |
1,901,100,143 |
29,036 |
Year ended 31 December 2025 |
|
|
Opening balance |
1,898,749,771 |
29,001 |
Shares issued |
2,350,372 |
35 |
Amounts as at 31 December 2025 |
1,901,100,143 |
29,036 |
All shares are a single class with equal rights to dividends, capital distributions and voting. The Company does not have authorised capital nor par value in respect of its issued shares.
Reserved shares
Reserved shares are the Company’s own equity instruments, which are used in employee share-based payment arrangements or the Dividend Reinvestment Plan (DRP). The DRP was suspended on 27 February 2023. These shares are deducted from equity.
|
Number of shares |
US$m |
Half-year ended 30 June 2026 |
|
|
Opening balance |
5,283,450 |
(82) |
Vested/allocated during the half-year |
(644,610) |
10 |
Amounts as at 30 June 2026 |
4,638,840 |
(72) |
Year ended 31 December 2025 |
|
|
Opening balance |
3,080,842 |
(58) |
Purchases during the year |
5,700,372 |
(88) |
Vested/allocated during the year |
(3,497,764) |
64 |
Amounts as at 31 December 2025 |
5,283,450 |
(82) |
D. Other assets and liabilities
D.1 Segment assets and liabilities
|
30 June 2026 |
31 December 2025 |
|
US$m |
US$m |
(a) Segment assets |
|
|
|
30,569 |
30,541 |
International |
26,885 |
24,773 |
Marketing |
1,094 |
965 |
Corporate |
9,133 |
10,222 |
|
67,681 |
66,501 |
|
|
|
|
30 June 2026 |
31 December 2025 |
|
US$m |
US$m |
(b) Segment liabilities |
|
|
|
6,899 |
7,252 |
International |
2,856 |
2,531 |
Marketing |
1,297 |
1,054 |
Corporate |
14,905 |
15,821 |
|
25,957 |
26,658 |
Corporate assets mainly comprise cash and cash equivalents, deferred tax assets, new energy assets in development and lease assets. Corporate liabilities mainly comprise interest-bearing liabilities, deferred tax liabilities and lease liabilities. |
||
D.2 Provisions
|
Restoration1 |
Employee benefits |
Other |
Total |
|
US$m |
US$m |
US$m |
US$m |
Half-year ended 30 June 2026 |
|
|
|
|
At 1 January 2026 |
6,886 |
669 |
312 |
7,867 |
Change in provision |
(229) |
(86) |
(73) |
(388) |
Unwinding of present value discount |
156 |
— |
— |
156 |
Carrying amount at 30 June 2026 |
6,813 |
583 |
239 |
7,635 |
At 30 June 2026 |
|
|
|
|
Current |
765 |
373 |
100 |
1,238 |
Non-current |
6,048 |
210 |
139 |
6,397 |
Carrying amount |
6,813 |
583 |
239 |
7,635 |
Year ended 31 December 2025 |
|
|
|
|
At 1 January 2025 |
6,526 |
654 |
367 |
7,547 |
Adjustment to purchase price allocation |
— |
— |
100 |
100 |
Change in provision |
254 |
11 |
(138) |
127 |
Unwinding of present value discount |
283 |
5 |
— |
288 |
Disposals |
(177) |
(1) |
(17) |
(195) |
Carrying amount at 31 December 2025 |
6,886 |
669 |
312 |
7,867 |
At 31 December 2025 |
|
|
|
|
Current |
637 |
449 |
126 |
1,212 |
Non-current |
6,249 |
220 |
186 |
6,655 |
Carrying amount |
6,886 |
669 |
312 |
7,867 |
|
||||
D.3 Other financial assets and liabilities
|
30 June 2026 |
31 December 2025 |
|
US$m |
US$m |
Other financial assets |
|
|
Financial instruments at fair value through profit and loss |
|
|
Derivative financial instruments designated as hedges |
152 |
217 |
Other financial assets |
18 |
14 |
Financial instruments at fair value through other comprehensive income |
|
|
Other financial assets |
58 |
62 |
Total other financial assets |
228 |
293 |
Current |
119 |
229 |
Non-current |
109 |
64 |
Net carrying amount |
228 |
293 |
Other financial liabilities |
|
|
Financial instruments at fair value through profit and loss |
|
|
Derivative financial instruments designated as hedges |
130 |
7 |
Embedded derivative |
347 |
212 |
Other financial liabilities |
34 |
1 |
Total other financial liabilities |
511 |
220 |
Current |
148 |
8 |
Non-current |
363 |
212 |
Net carrying amount |
511 |
220 |
Hedging activities
As at 30 June 2026, the Group had the following principal unrealised commodity hedging positions:
-
36 MMboe of oil production volumes hedged at an average price of
$75 - Corpus Christi LNG volumes hedged through Henry Hub (HH) and Title Transfer Facility (TTF) commodity swap contracts.
The following table presents the Group’s derivative financial instruments designated as hedges, measured and recognised at fair value:
|
30 June 2026 |
31 December 2025 |
|
US$m |
US$m |
Brent commodity swaps (cash flow hedges) |
103 |
114 |
HH natural gas commodity swaps (cash flow hedges) |
(26) |
(4) |
TTF LNG commodity swaps (cash flow hedges) |
(63) |
66 |
Interest rate swaps (cash flow hedges) 1 |
— |
15 |
Foreign exchange forwards (cash flow hedges) |
8 |
19 |
Total derivative financial instruments asset designated as hedges |
22 |
210 |
|
||
Embedded commodity derivative
In 2023, the Group entered into a revised long-term gas sale and purchase contract (GSPA) with Perdaman, where a component of the selling price is linked to the price of urea. The contract was assessed to contain an embedded commodity derivative that is required to be separated and recognised at fair value through profit and loss. The carrying value of the embedded derivative at 30 June 2026 amounted to a net liability of
D.3 Other financial assets and liabilities (continued)
Fair value
Except for the other financial assets and other financial liabilities set out in this note, there are no other material financial assets or financial liabilities carried at fair value. Other financial assets and other financial liabilities set out in this note are classified as Level 2 on the fair value hierarchy with market observable inputs, with the exception of the embedded commodity derivative which has been classified as Level 3 on the fair value hierarchy with no market observable inputs. Refer to key estimates and judgements for further details. During the period, there were no reclassifications between the fair value hierarchy levels.
There were no changes to the Group’s valuation processes, valuation techniques and types of inputs used in the fair value measurements during the period.
Financial risk factors
The Group’s activities expose its financial instruments to a variety of market risks, including foreign exchange, commodity price and interest rate risk. The half-year financial statements does not include all financial risk management information and disclosures required in the Annual Report and, as such, should be read in conjunction with the Group’s 2025 Financial Statements. There have been no significant changes in risk management policies since 31 December 2025. Refer to the embedded commodity derivative key estimates and judgements section below for the sensitivity assessment on discount rates and pricing.
Key estimates and judgements
(a) Embedded commodity derivative
The fair value of the Perdaman embedded derivative has been estimated using a Monte Carlo simulation model. The assessment requires management to make certain assumptions about the model inputs, including forecast cash flows, discount rate, credit risk and volatility. These assumptions require significant judgement and are subject to risk and uncertainty, and hence changes in economic conditions can affect the assumptions. The present value of the embedded derivative was estimated using the assumptions set out below.
-
Inflation rate –
2.50% . -
Discount rate – a pre-tax interest rate curve (range:
5.04% to8.07% ). - Domestic gas pricing – forecast sales are subject to urea pricing. Price assumptions are based on the best market information available at measurement date and derived from short- and long-term views of global supply and demand, building upon past experience of the industry and consistent with external sources. The long-term urea price is determined with reference to the prevailing gas hub (TTF) prices available in the market.
The embedded derivative is most sensitive to changes in discount rates and pricing, which may result in unrealised gains or losses recognised in other income/expenses. The nominal impacts of the effects of changes to discount rate and long-term price assumptions are estimated as follows. The valuation is over a contract period of 20 years and the below change in assumptions applies a linear increase or decrease in inputs over the life of the contract. A spot increase is not represented by the sensitivity below.
Change in assumption1 |
US$m |
||
TTF sales price: increase of |
179 |
||
TTF sales price: decrease of |
(177) |
||
Discount rate: increase of |
(182) |
||
Discount rate: decrease of |
223 |
||
|
|||
E. Other items
E.1 Contingent liabilities and assets
|
2026 |
2025 |
Contingent liabilities at reporting date |
US$m |
US$m |
Contingent liabilities |
340 |
322 |
Total disclosed contingent liabilities |
340 |
322 |
Contingent liabilities relate predominantly to possible obligations whose existence will only be confirmed by the occurrence or non-occurrence of uncertain future events, and therefore the Group has not provided for such amounts in these financial statements. The Group operates in complex tax and legislative regimes. The amounts disclosed above include estimates made in relation to ongoing disputes with various tax and government authorities. Assessing the value of contingent liabilities requires a high degree of judgement. The contingent liabilities relating to tax matters are estimated based on notices received from authorities before interest and penalties. The possibility of further claims related to the same matters cannot be ruled out and the judicial processes may take extended periods to conclude. Additionally, there are a number of other claims and possible claims that have arisen in the course of business against entities in the Group, the outcome of which cannot be estimated at present and for which no amounts have been included in the table above.
The Group has contingent assets of
E.2 New standards and interpretations
New and amended accounting standards adopted
A number of amended standards became applicable for the current reporting period, including the amendments to AASB/IFRS 7 and AASB/IFRS 9 disclosed in Financial Statements within the Annual Report for the year ended 31 December 2025. The Group did not make any significant changes to its accounting policies and did not make retrospective adjustments as a result of adopting these amended standards. These amendments did not materially impact the accounting policies or amounts disclosed in the condensed consolidated half-year financial statements of the Group.
New standards and interpretations not yet adopted
Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for the 30 June 2026 reporting period and have not been early adopted by the Group. Except for AASB 18/IFRS 18 Presentation and Disclosure in Financial Statements, these pronouncements are not expected to have a material impact on the Group’s consolidated financial statements in the current or future reporting periods. AASB/IFRS 18 will replace AASB 101/IAS 1 Presentation of Financial Statements, introducing new requirements that will help to achieve comparability of the financial performance of similar entities and provide more relevant information and transparency to users. Even though AASB/IFRS 18 will not impact the recognition or measurement of items in the financial statements, its impacts on presentation and disclosure are expected to be pervasive, particularly those related to the consolidated income statement and providing management-defined performance measures within the financial statements. Management is currently assessing the detailed implications of applying the new standard on the Group’s financial statements. The Group will apply the new standard from its mandatory effective date of 1 January 2027. Retrospective application is required.
E.3 Events after the end of the reporting period
Operatorship of Bass Strait assets
On 29 July 2025, the Group agreed with ExxonMobil Australia (ExxonMobil) to assume operatorship of the Bass Strait production assets, the Longford Gas Plant, the Long Island Point gas liquids processing facility and associated pipeline infrastructure. The Group’s and ExxonMobil’s equity interest in the Joint Venture’s assets and current decommissioning plans and provisions remain unchanged. The transaction was completed and effective on 1 July 2026, subsequent to the report date.
As part of the transaction, Woodside acquired ExxonMobil’s employing entity for the Bass Strait employees which includes employee-related assets and liabilities for the consideration of
E.3 Events after the end of the reporting period (continued)
Browse Joint Venture pre-emption right
On 12 June 2026, the Group exercised its pre-emption right to acquire a
Calypso divestment
Subsequent to the reporting date, the Group entered into an agreement to sell its
E.4 Subsidiaries
Subsidiaries with non-controlling interests
The Group has two Australian subsidiaries and two International subsidiaries with non-controlling interests (NCI).
Name of entity |
Principal place of business |
% held by NCI |
NCI parties |
Burrup Facilities Company Pty Ltd |
|
|
Kansai Electric Power Australia Pty Ltd and MidOcean Pluto Pty Ltd |
Burrup Train 1 Pty Ltd |
|
|
Kansai Electric Power Australia Pty Ltd and MidOcean Pluto Pty Ltd |
Louisiana LNG Infrastructure LLC1 |
|
|
Stonepeak |
Louisiana LNG LLC |
|
|
Williams |
1. The non-controlling interest in Louisiana LNG Infrastructure LLC is measured at its proportionate share of the subsidiary’s net assets. The proportion of net assets each member is entitled to upon liquidation varies prior to operations commencement. Prior to this milestone, entitlements are determined in proportion to the cumulative capital contributions made by each member. The NCI percentage is expected to revert to |
|||
E.4 Subsidiaries (continued)
The summarised financial information (including consolidation adjustments but before intercompany eliminations) of subsidiaries with NCI is as follows:
|
Burrup Facilities Company Pty Ltd |
Burrup Train 1 Pty Ltd |
Louisiana LNG Infrastructure LLC |
Louisiana LNG LLC |
Total |
|
US$m |
US$m |
US$m |
US$m |
US$m |
Half-year ended 30 June 2026 |
|
|
|
|
|
Current assets |
379 |
314 |
678 |
339 |
1,710 |
Non-current assets |
4,694 |
2,551 |
7,315 |
2,738 |
17,298 |
Current liabilities |
(45) |
(36) |
(448) |
(251) |
(780) |
Non-current liabilities |
(542) |
(299) |
(84) |
(31) |
(956) |
Net assets |
4,486 |
2,530 |
7,461 |
2,795 |
17,272 |
Accumulated balance of NCI |
449 |
253 |
4,691 |
280 |
5,673 |
(Loss)/Profit |
(21) |
19 |
3 |
(5) |
(4) |
(Loss)/Profit allocated to NCI |
(2) |
2 |
2 |
(1) |
1 |
Dividends paid to NCI |
(1) |
(10) |
— |
— |
(11) |
Year ended 31 December 2025 |
|
|
|
|
|
Current assets |
288 |
225 |
260 |
118 |
891 |
Non-current assets |
4,810 |
2,729 |
5,402 |
2,331 |
15,272 |
Current liabilities |
(38) |
(39) |
(318) |
(143) |
(538) |
Non-current liabilities |
(544) |
(306) |
(86) |
(37) |
(973) |
Net assets |
4,516 |
2,609 |
5,258 |
2,269 |
14,652 |
Accumulated balance of NCI |
452 |
261 |
2,989 |
227 |
3,929 |
Profit/(Loss) |
76 |
117 |
— |
(2) |
191 |
Profit allocated to NCI |
8 |
11 |
— |
— |
19 |
Dividends paid to NCI |
(36) |
(24) |
— |
— |
(60) |
DIRECTORS’ DECLARATION
for the half-year ended 30 June 2026
In accordance with a resolution of directors of Woodside Energy Group Ltd, we state that:
In the opinion of the directors:
| a) | the financial statements and notes of the Group are in accordance with the Australian Corporations Act 2001, including: | |||
| i. | giving a true and fair view of the Group’s financial position as at 30 June 2026 and of its performance for the half-year ended on that date; and |
|||
| ii. | complying with Australian Accounting Standard AASB 134 and International Accounting Standard IAS 34 Interim Financial Reporting and the Corporations Regulations 2001; |
|||
| b) | there are reasonable grounds to believe that Woodside Energy Group Ltd will be able to pay its debts as and when they become due and payable. | |||
On behalf of the Board
R J Goyder, AO
Chair of the Board
25 August 2026
E M Westcott
Chief Executive Officer and Managing Director
25 August 2026
INDEPENDENT AUDITOR’S REVIEW REPORT
Independent auditor's review report to the members of Woodside Energy Group Ltd
Report on the half-year financial report
Conclusion
We have reviewed the half-year financial report of Woodside Energy Group Ltd (the Company) and the entities it controlled during the half-year (together the Group), which comprises the condensed consolidated statement of financial position as at 30 June 2026, the condensed consolidated income statement, condensed consolidated statement of comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows for the half-year ended on that date, selected explanatory notes and the directors’ declaration.
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of Woodside Energy Group Ltd does not comply with the Corporations Act 2001 including:
- giving a true and fair view of the Group’s financial position as at 30 June 2026 and of its performance for the half-year ended on that date; and
- complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.
Basis for conclusion
We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity (ASRE 2410). Our responsibilities are further described in the Auditor’s responsibilities for the review of the half-year financial report section of our report.
We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional & Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to the audit of the annual financial report in
pwc.com.au |
PricewaterhouseCoopers, ABN 52 780 433 757
Brookfield Place, Level 15, 125 St Georges Terrace,
GPO Box D198, T: +61 8 9238 3000, F: +61 8 9238 3999, www.pwc.com.au
Liability limited by a scheme approved under Professional Standards Legislation. |
Responsibilities of the directors for the half-year financial report
The directors of the Company are responsible for the preparation of the half-year financial report, in accordance with Australian Accounting Standards and the Corporations Act 2001, including giving a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement whether due to fraud or error.
Auditor's responsibilities for the review of the half-year financial report
Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 30 June 2026 and of its performance for the half-year ended on that date, and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.
A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
PricewaterhouseCoopers
N M Henry
|
|
Appendix 4D |
Dividends
Ex-dividend date |
3 September 2026 |
|
|
Record date for the interim dividend |
4 September 2026 |
|
|
|
|
|
|
Date the dividend is payable |
25 September 2026 |
|
|
|
|
Current period |
Previous corresponding period44 |
Interim dividend - fully franked |
US cents per share |
57 |
53 |
None of these dividends are foreign sourced. |
|
|
|
Woodside dividends are determined in US dollars. However, shareholders will receive their dividend in Australian dollars unless their registered address is in the
Shareholders who reside outside of
Shareholders should contact the Company's share registry if they wish to alter their dividend currency for future dividend payments. Contact details are available on Woodside's website on the Shareholder Information section of the Investors page. Shareholders must make an election to alter their dividend currency on or before 5.00pm AWST on 7 September 2026.
Net Tangible Assets per ordinary security
|
Current period |
Previous corresponding period44 |
|
US$ |
US$ |
Net Tangible Assets (US$ per ordinary security)45 |
16.41 |
16.19 |
Details of Associates and Joint Venture Entities
|
Percentage of ownership interest held at end of period or date of disposal |
|
|
|
|||
Name of Entity |
Current period |
Previous corresponding period44 |
|
North West Shelf Gas Pty Ltd |
|
|
|
North West Shelf Liaison Company Pty Ltd |
—% |
|
|
China Administration Company Pty Ltd |
|
|
|
International Gas Transportation Company Limited |
—% |
|
|
North West Shelf Shipping Service Company Pty Ltd |
—% |
|
|
North West Shelf Lifting Coordinator Pty Ltd |
|
|
|
Blue Ocean Seismic Services Limited |
|
|
|
Oakbio Inc |
|
|
|
Iwilei District Participating Parties, LLC |
|
|
|
Caesar Oil Pipeline Company, LLC |
|
|
|
Cleopatra Gas Gathering Company LLC |
|
|
|
Marine Well Containment Company LLC |
|
|
|
Driftwood Pipeline, LLC |
|
—% |
|
Shareholder information |
Key announcements 2026
January |
Fourth quarter 2025 report |
February |
Woodside Releases Annual Reserves Statement |
Woodside Releases Full-Year 2025 Results |
|
Full-Year 2025 Results Briefing Transcript |
|
Annual Report 2025 [and US Annual Report 2025 (Form 20-F)] |
|
March |
Sustainability Briefing 2026 |
Liz Westcott Appointed Woodside CEO |
|
Appointment of Director to Woodside Board |
|
Woodside assumes control of Beaumont New Ammonia operations |
|
April |
2026 Annual General Meeting voting results |
First quarter 2026 report |
|
June |
Woodside exercises Browse pre-emption right |
July |
Second quarter 2026 report |
August |
Half-Year 2026 results |
Events calendar 2026-2027
Key calendar dates for Woodside shareholders in 2026-2027. Please note dates are subject to review.
August |
25 |
Half-Year 2026 results |
September |
3 |
Ex-dividend date for interim dividend (Australian Securities Exchange) |
4 |
Ex-dividend date for interim dividend (New York Stock Exchange) |
|
4 |
Record date for interim dividend |
|
25 |
Payment date for interim dividend |
|
October |
21 |
Third quarter 2026 report |
November |
5 |
2026 Capital Markets Day ( |
12 |
2026 Capital Markets Day ( |
|
December |
31 |
Year-end 2026 |
January |
28 |
Fourth quarter 2026 report |
February |
23 |
2026 Annual Report |
Business directory
Registered office: |
Postal address: |
|
Woodside Energy Group Ltd |
GPO Box D188 |
|
Mia Yellagonga |
Perth WA 6840 |
|
11 Mount Street |
|
|
Perth WA 6000 |
|
|
|
T: +61 8 9348 4000 |
|
Investor enquiries
Investors seeking information on the company should contact Investor Relations at:
Postal address: |
|
|
Investor Relations |
T: |
‘+61 8 9348 4000 |
GPO Box D188 |
E: |
|
Perth WA 6840 |
W: |
woodside.com |
|
|
|
Share registry enquiries
Investors seeking information about their shareholding should contact the company’s share registry:
Registered office: |
Postal address: |
|
Computershare Investor Services Pty Limited |
GPO Box D182 |
|
Level 17 |
Perth WA 6840 |
|
221 St Georges Terrace |
|
|
Perth WA 6000 |
T: |
1300 558 507 (within |
|
|
‘+61 3 9415 4632 (outside |
|
E: |
|
|
W: |
investorcentre.com/wds |
The share registry can assist with queries on share transfers, dividend payments, the dividend reinvestment plan, notification of tax file numbers and changes of name, address or bank account details.
Details of shareholdings can be checked by visiting the share registry website at www.investorcentre.com/wds.
Details of the authorised depositary bank for Woodside’s American Depositary Receipt programme can be found on the website.
Assets |
Producing facilities
Asset |
Role |
Equity |
Product |
Pluto LNG |
Operator |
90 % |
LNG, pipeline gas and condensate |
North West Shelf1 |
Operator |
33.33 % |
LNG, pipeline gas, condensate and NGLs |
Wheatstone1 |
Non-operator |
13 % |
LNG, pipeline gas and condensate |
Julimar-Brunello |
Operator |
65 % |
|
Okha FPSO1 |
Operator |
50 % |
Crude oil |
Ngujima-Yin FPSO |
Operator |
60 % |
Crude oil |
Bass Strait |
Operator2 |
32.5— |
Pipeline gas, condensate and NGLs |
Pyrenees FPSO |
Operator |
40— |
Crude oil |
Macedon |
Operator |
71.4 % |
Pipeline gas |
|
|||
International
Asset |
Role |
Equity |
Product |
Sangomar |
Operator |
82 % |
Crude oil |
Greater Shenzi |
Operator |
72 % |
Crude oil, pipeline gas, condensate and NGLs |
Atlantis |
Non-operator |
44 % |
Crude oil, pipeline gas, condensate and NGLs |
Mad Dog |
Non-operator |
23.9 % |
Crude oil, pipeline gas, condensate and NGLs |
Beaumont New Ammonia |
Operator |
100 % |
Ammonia |
|
|||
Projects
Post FID
Asset |
Role |
Equity |
Product |
|
Operator |
|
LNG and pipeline gas |
Pluto Train 2 |
Operator |
|
LNG and pipeline gas |
Trion |
Operator |
|
Crude oil |
Louisiana LNG LLC |
Operator |
|
LNG |
Louisiana LNG Infrastructure LLC |
Operator |
|
LNG |
Hydrogen Refueller@H2Perth |
Operator |
|
Hydrogen |
Developments
Asset |
Role |
Equity |
Product |
Calypso |
Operator |
|
Gas |
Browse |
Operator |
|
LNG, pipeline gas and condensate |
|
Operator |
|
Gas |
Liard |
Non-operator |
|
Gas |
Sunrise |
Operator |
|
LNG, pipeline gas and condensate |
|
|||
New energy opportunities1
Asset |
Role |
Equity |
Product |
H2Perth |
Operator |
|
Hydrogen |
NeoSmelt |
Non-operator |
|
Iron |
Woodside Solar2 |
Proponent |
|
Solar energy |
|
|||
Greenhouse gas assessment permits
Country |
Permit |
Role |
Joint venture |
Comment |
|
G-7-AP |
Non-operator |
Bonaparte CCS Assessment Joint Venture |
Located in the Bonaparte Basin off the north-west coast of the |
G-8-AP |
Operator |
Browse Joint Venture |
For carbon capture and storage evaluation for Browse |
|
G-10-AP |
Operator |
Angel CCS Joint Venture1 |
Located in the |
|
G-18-AP |
Non-operator |
Greenhouse Gas Assessment Permit G-18-AP Joint Venture |
Located in the |
|
G-19-AP |
Operator2 |
Gippsland Basin Joint Venture |
Located in the Gippsland Basin off the coast of |
|
|
||||
Exploration
Country |
Permit |
Role |
Equity |
Product |
|
|
|
|
|
|
WA-404-P |
Operator |
|
Gas prone basin |
WA-550-P |
Operator |
|
Gas prone basin |
|
WA-554-P |
Operator |
|
Gas prone basin |
|
|
|
|
|
|
|
FEL 5/13 |
Operator |
|
Oil or gas prone basin |
|
|
|
|
|
|
Tiba Block |
Non-operator |
|
Oil and gas prone basin |
North EI Dabaa Offshore (Block 4) |
Non-operator |
|
Oil or gas prone basin |
|
|
|
|
|
|
|
Bimshire |
|
|
Oil or gas prone basin |
|
|
|
|
|
|
EB 550, EB 594, EB 636, EB 637, EB 638, GB 721, GB 780, GB 821, GB 824, GB 825, GB 866, KC 259, KC 297, KC 301, KC 343, KC 431, KC 859, KC 903, KC 904, KC 905, KC 948, KC 949, WR 577, WR 751, WR 795, WR 796 |
Operator |
|
Oil prone basin |
WR 443, WR 444, WR 488 |
Operator |
|
Oil prone basin |
|
GC 124 |
Operator |
|
Oil prone basin |
|
EB 699, AC 36, AC 80 |
Operator |
|
Oil prone basin |
|
GC 282, GC 237 |
Non-operator |
|
Oil prone basin |
|
AC 125, AC 126, AC 81 |
Operator |
|
Oil prone basin |
|
GC 598 |
Non-operator |
|
Oil prone basin |
|
AT 453 |
Non-operator |
|
Oil prone basin |
|
GC 870 |
Non-operator |
|
Oil prone basin |
|
GC 680, GC 723, GC 724, GC 679, GC 768 |
Non-operator |
|
Oil prone basin |
Alternative Performance Measures |
Woodside uses various alternative performance measures (APM) which are non-IFRS measures that are unaudited but derived from the Half-Year Financial Statements. Although certain non-IFRS data has been extracted or derived from the Half-Year financial statements, this data has not been audited or reviewed by Woodside’s independent auditors. These measures are presented to provide further insight into Woodside’s performance. See Non-IFRS Measures on page 65 for more information.
APMs and their nearest respective IFRS measure.
APMs derived from the condensed consolidated income statement and other notes |
30 June 2026 |
30 June 2025 |
|
US$m |
US$m |
EBIT/EBITDA excluding impairment |
|
|
Net profit after tax |
1,673 |
1,330 |
Adjusted for: |
|
|
Finance income |
(123) |
(106) |
Finance costs |
245 |
169 |
PRRT expense/(benefit) |
(305) |
71 |
Income tax expense |
667 |
353 |
EBIT |
2,157 |
1,817 |
Adjusted for: |
|
|
Property, plant and equipment depreciation |
2,209 |
2,541 |
Amortisation of licence acquisition costs |
4 |
3 |
Amortisation of intangible assets |
10 |
11 |
Depreciation of lease assets |
89 |
85 |
Impairment losses |
178 |
143 |
EBITDA excluding impairment |
4,647 |
4,600 |
|
|
|
Underlying NPAT |
|
|
Net profit after tax attributable to equity holders of the parent |
1,672 |
1,316 |
Adjusted for the following exceptional items: |
|
|
Less: Pluto DTA recognition |
(417) |
— |
Less: |
(90) |
— |
Add: Impairment loss (post-tax) |
169 |
113 |
Less: Louisiana DTA recognition |
— |
(182) |
Underlying NPAT |
1,334 |
1,247 |
|
|
|
Average realised price1 |
|
|
Adjusted revenue from sale of products2 |
7,381 |
6,468 |
Sales volumes (MMboe) |
99.8 |
104.8 |
Average realised price (US$ per boe) |
74.0 |
61.7 |
|
|
|
Unit production cost3 |
|
|
Production costs |
749 |
667 |
Production (reserves) volumes (MMboe)4 |
85.0 |
98.6 |
Unit production cost (US$ per boe) |
8.8 |
6.8 |
|
||
APMs derived from the condensed consolidated statement of cash flows and other notes |
30 June 2026 |
30 June 2025 |
|
US$m |
US$m |
Free cash flow |
|
|
Net cash from operating activities |
3,013 |
3,339 |
Net cash used in investing activities |
(4,286) |
(4,937) |
Adjusted for: |
|
|
Contributions from/(to) NCI |
1,737 |
1,843 |
Lease repayments |
(112) |
(109) |
Free cash flow1 |
352 |
136 |
|
|
|
Liquidity |
|
|
Cash and cash equivalents |
4,339 |
4,880 |
Add: Available undrawn facilities |
3,850 |
3,550 |
Liquidity |
8,189 |
8,430 |
|
||
APMs derived from the condensed consolidated statement of financial position and other notes |
30 June 2026 |
30 June 2025 |
|
US$m |
US$m |
Capital expenditure |
|
|
Capital additions on evaluation |
24 |
29 |
Capital additions on property, plant and equipment |
3,243 |
4,372 |
Less: Cash contributions from participants |
(1,725) |
(1,870) |
Capital additions on other |
95 |
27 |
Capital expenditure |
1,637 |
2,558 |
Acquisitions |
470 |
— |
Capital expenditure and acquisitions |
2,107 |
2,558 |
|
|
|
Exploration expenditure |
|
|
Exploration and evaluation expenditure |
104 |
84 |
Adjusted for: |
|
|
Evaluation expenditure |
(22) |
(2) |
Amortisation expense |
(4) |
(3) |
Prior year expense written off |
(1) |
— |
Exploration capitalised |
42 |
5 |
Exploration expenditure1 |
119 |
84 |
Capital and exploration expenditure1 |
1,756 |
2,642 |
|
|
|
Net tangible assets per ordinary security |
|
|
Net assets |
41,724 |
38,507 |
Adjusted for: |
|
|
Goodwill |
(3,952) |
(3,952) |
Non-controlling interest |
(5,673) |
(2,868) |
Other intangible assets |
(904) |
(939) |
Net tangible assets |
31,195 |
30,748 |
Number of issued and fully paid shares |
1,901,100,143 |
1,898,749,771 |
Net tangible assets per ordinary security (US$ per ordinary security) |
16.41 |
16.19 |
|
|
|
Gearing |
|
|
Interest-bearing liabilities (Current and non-current) |
11,370 |
11,954 |
Lease liabilities (Current and non-current) |
2,298 |
1,583 |
Adjusted for: |
|
|
Cash and cash equivalents |
(4,339) |
(4,880) |
Net debt |
9,329 |
8,657 |
Equity attributable to equity holders of the parent |
36,051 |
35,639 |
Total net debt and equity attributable to equity holders of the parent |
45,380 |
44,296 |
Gearing (%) |
|
|
|
||
APMs derived from the condensed consolidated income statement and statement of financial position |
30 June 2026 |
30 June 2025 |
|
US$m |
US$m |
Annualised return on equity |
|
|
Annualised net profit after tax attributable to equity holders of the parent |
3,344 |
2,632 |
Equity attributable to equity holders of the parent |
36,051 |
35,639 |
Annualised return on equity (%) |
|
|
|
|
|
Annualised return on average capital employed |
|
|
Annualised profit before tax and net finance costs |
4,314 |
3,634 |
Opening non-current liabilities |
21,241 |
19,254 |
Closing non-current liabilities |
20,777 |
21,828 |
Average non-current liabilities |
21,009 |
20,541 |
Opening equity |
39,843 |
36,153 |
Closing equity |
41,724 |
38,507 |
Average equity1 |
40,784 |
37,330 |
Total average non-current liabilities and equity |
61,793 |
57,871 |
Annualised return on average capital employed (%) |
|
|
APMs derived from other notes |
30 June 2026 |
30 June 2025 |
|
US$m |
US$m |
Revenue from sale of products (excluding marketing segment) |
6,376 |
5,924 |
|
|
|
Cash margin (excluding marketing segment) |
|
|
Gross profit |
2,684 |
2,344 |
Adjusted for: |
|
|
Other |
19 |
15 |
Property, plant and equipment depreciation |
2,209 |
2,541 |
Other revenue |
13 |
(100) |
Cash margin (excluding marketing segment) |
4,925 |
4,800 |
Cash margin % |
|
|
|
|
|
Production costs (excluding marketing segment)2 |
749 |
667 |
Production cost margin % |
|
|
|
|
|
Other cash costs (excluding marketing segment): |
|
|
Feed gas, services and processing costs2 |
238 |
92 |
Royalties, excise and levies |
143 |
156 |
Insurance |
33 |
37 |
Inventory movement |
54 |
1 |
Shipping and direct sales costs |
123 |
77 |
Trading costs |
101 |
88 |
Other hydrocarbon costs |
10 |
6 |
Total other cash costs (excluding marketing segment) |
702 |
457 |
Other cash cost margin % |
|
|
|
||
Notes |
Glossary
Term |
Definition |
$, $m |
US dollars unless otherwise stated, millions of dollars |
1P |
Proved reserves |
2C |
Best Estimate of Contingent resources |
2P |
Proved plus Probable reserves |
Abate/abatement |
Avoidance, reduction or removal of an amount of carbon dioxide or equivalent |
Aim |
Woodside uses this term to describe a result that plans or actions are intended to achieve |
Aspiration |
Woodside uses this term to describe an aspiration to seek the achievement of an outcome but where achievement of the outcome is subject to material uncertainties and contingencies such that Woodside considers there is not yet a suitable defined plan or pathway to achieve that outcome |
ASX |
Australian Securities Exchange |
Average realised price |
Revenue from sale of products and provisional pricing adjustments ($ million) divided by sales volume (MMboe) |
A$, AUD |
Australian dollars |
Biodiversity |
Biological diversity means the variability among living organisms from all sources including, inter alia, terrestrial, marine and other aquatic ecosystems and the ecological complexes of which they are a part; this includes diversity within species, between species and of ecosystems46 |
Board |
The Board of Directors of Woodside Energy Group Ltd |
Brent |
Intercontinental Exchange (ICE) Brent Crude deliverable futures contract (oil price) |
Capital expenditure |
Capital additions on property, plant and equipment and evaluation capitalised. Excludes exploration capitalised and adjusted for the capital contribution from partners for the development of Louisiana LNG |
Capital expenditure and acquisitions |
Includes capital expenditure and acquisition consideration. |
|
A tradeable financial instrument that is issued by a carbon-crediting program. A carbon credit represents a greenhouse gas emission reduction to, or removal from, the atmosphere equivalent to 1 tCO2-e, calculated as the difference in emissions from
a baseline scenario to a project scenario. cancelled by means of an electronic registry operated by an administrative body, such as a carbon-crediting program |
Cash margin |
Gross profit/loss adjusted for other cost of sales, property, plant and equipment depreciation and amortisation and other revenue. Excludes the marketing segment. Cash margin % is calculated as cash margin divided by revenue from sale of products (excluding marketing segment) |
CCS |
|
CCUS |
|
CO2 |
|
CO2-e |
CO2 equivalent. The universal unit of measurement to indicate the global warming potential of each of the seven greenhouse gases, expressed in terms of the global warming potential of one unit of carbon dioxide. It is used to evaluate releasing (or avoiding releasing) any greenhouse gas against a common basis47 |
Condensate |
Hydrocarbons that are gaseous in a reservoir but that condense to form liquids as they rise to the surface |
cps |
Cents per share |
DTA |
Deferred tax asset |
DRP |
Dividend reinvestment plan |
EBIT |
Calculated as profit before income tax, PRRT and net finance costs |
EBITDA excluding impairment |
Calculated as profit before income tax, PRRT, net finance costs, depreciation and amortisation, impairment losses, impairment reversals |
Emissions |
Emissions refers to emissions of greenhouse gases unless otherwise stated |
EPS |
Earnings per share |
Exploration expenditure |
Includes exploration and evaluation expenditure less evaluation expenditure, amortisation of licence acquisition costs, prior year exploration expense written off and exploration capitalised. |
FEED |
Front-end engineering design |
FID |
Final investment decision |
FPSO |
Floating production storage and offloading |
FPU |
Floating production unit |
Free cash flow |
Net cash flow from/(used in) operating activities and net cash flow from/(used in) investing activities, adjusted for the capital contribution from/(to) non-controlling interests and lease repayments. |
Gearing |
Net debt divided by the total of net debt and equity attributable to equity holders of the parent |
GHG or greenhouse gas |
The seven greenhouse gases listed in the Kyoto Protocol are: carbon dioxide (CO2); methane (CH4); nitrous oxide (N2O); hydrofluorocarbons (HFCs); nitrogen trifluoride (NF3); perfluorocarbons (PFCs); and sulphur hexafluoride (SF6) |
Goal |
Woodside uses this term to broadly encompass its targets and aspirations |
Gross margin |
Gross profit divided by operating revenue. Gross profit excludes income tax, PRRT, net finance costs, other income and other expenses |
H1, H2 |
Halves of the calendar year (H1 is 1 January to 30 June and H2 is 1 July to 31 December) |
High consequence injury |
A high-consequence injury is a work-related injury that results in a fatality or permanent impairment injury. Woodside’s definition for HCI has changed in 2025 to align with the IOGP Fatality and Permanent Impairment definition. This definition was adopted to focus attention on the highest risks to people. In the previous reporting period, the HCI definition included long-term disabling injuries (i.e where the person will make a full recovery, but recovery exceeds 180 days) in HCI statistics which focused disproportionate effort towards injury management, access to treatment and privacy issues48 |
IFRS |
International Financial Reporting Standards. For more information see www.ifrs.org. |
Indigenous Peoples |
There is diversity within the Indigenous communities in the areas where we are active. When communicating with wide audience. Woodside uses the term “Indigenous Peoples” to refer to Traditional Owners and Traditional Custodians. At a local level, Woodside will be guided by the community about the appropriate terms of reference. Following internal and external stakeholder feedback, Woodside has updated our reference from First Nations to Indigenous Peoples because First Nations is not a globally accepted or widely used term beyond |
JV |
Joint venture |
KGP |
Karratha Gas Plant |
Liquidity |
Total cash and cash equivalents and available undrawn debt facilities less restricted cash |
LNG |
Liquefied natural gas |
Lower-carbon |
Woodside uses this term to describe the characteristic of having lower levels of associated potential GHG emissions when compared to historical and/or current conventions or analogues, for example relating to an otherwise similar resource, process, production facility, product or service, or activity |
Lower-carbon ammonia |
Lower-carbon ammonia is characterised here by the use of hydrogen with emissions abated by carbon, capture, and storage (CCS), with an expected ammonia lifecycle (Scope 1, 2 and 3) carbon emissions intensity of 0.8 tCO2/tNH3 (based on contracted intensity threshold with Linde) relative to unabated ammonia with a lifecycle (Scope 1, 2 and 3) carbon emissions intensity of 2.3 tCO2/tNH3 (Hydrogen Europe, 2023) |
Lower-carbon portfolio |
For Woodside, a lower-carbon portfolio is one from which the net equity Scope 1 and 2 greenhouse gas emissions, which includes the use of offsets, are being reduced towards targets, and into which new energy products and lower-carbon services are planned to be introduced as a complement to existing and new investments in oil and gas. Our Climate Policy sets out the principles that we believe will assist us achieve this aim |
Lower-carbon services |
Woodside uses this term to describe technologies, such as CCUS or offsets that could be used by customers to reduce their net greenhouse gas emissions |
Major Project Status |
Major Project Status is the Australian Government’s recognition of a project’s national strategic importance |
Material Topic |
For the purposes of Woodside's 2026 sustainability disclosures we determine which topics are material. For these purposes, “material topic” means a 2026 sustainability topic, determined as part of the 2025 materiality assessment process undertaken by Woodside. Classification of any topic as material through our materiality assessment process should not be read as a determination of whether that topic rises to the level of materiality of disclosure required by law, including the laws of |
Net debt |
Interest-bearing liabilities and lease liabilities less cash and cash equivalents |
Net equity greenhouse gas emissions |
Woodside’s equity share of net greenhouse gas emissions which includes the utilisation of carbon credits as offsets |
Net greenhouse gas emissions |
Woodside has set its Scope 1 and 2 greenhouse gas emissions reduction target on a net basis, allowing for both direct emissions reductions from its operations and emissions reduction achieved from the utilisation of carbon credits as offsets (including credits relating to avoidance, reduction and/or removal activities). Net greenhouse gas emissions are equal to an entity’s gross greenhouse gas emissions reduced by the number of retired carbon credits.49 |
Net profit attributable to equity holders of the parent |
Net profit after tax excluding non-controlling interests from the Group’s operations |
Net tangible assets |
The Group’s net assets less goodwill, non-controlling interest and other intangible assets |
Net tangible assets per ordinary security |
Net tangible assets divided by the number of issued and fully paid shares |
New energy |
Woodside uses this term to describe energy technologies, such as hydrogen or ammonia, that are emerging in scale but which are expected to grow during the energy transition due to having lower greenhouse gas emissions at the point of use than conventional fossil fuels |
NGLs |
Natural gas liquids |
NH3 |
Ammonia |
NPAT |
Net profit after tax attributable to equity holders of the parent |
NWS |
North West Shelf |
NYSE |
New York Stock Exchange |
Offsets |
The compensation for an entity’s greenhouse gas emissions within its scope by achieving an equivalent amount of emission reductions or removals outside the boundary or value chain of that entity |
Operator, Operated and non-operated |
Oil and gas joint venture participants will typically appoint one company as the operator, which will hold the contractual authority to manage joint venture activities on behalf of the joint venture participants. Where Woodside is the operator of a joint venture in which it holds an equity share, this report refers to that joint venture as being operated. Where another company is the operator of a joint venture in which Woodside holds an equity share, this report refers to that joint venture as being non-operated |
Other cash cost margin |
Other cash costs include feed gas, services and processing costs; royalties, excise and levies; insurance; inventory movement; shipping and direct sales costs; trading costs; and other hydrocarbon costs. Excludes the marketing segment. Other cash cost margin % is calculated as other cash costs divided by revenue from sale of products (excluding marketing segment) |
Production cost margin |
Production cost margin % is calculated as production costs divided by revenue from sale of products. Excludes the marketing segment |
PRRT |
Petroleum resources rent tax |
PSC |
Production sharing contract |
Return on average capital employed |
Annualised profit before tax and net finance costs divided by total average non-current liabilities and total equity |
Return on equity |
Annualised net profit after tax attributable to equity holder of the parent divided by equity attributable to equity holders of the parent |
Revenue from ordinary activities |
Revenue from the sale of products, processing and services revenue and shipping and other revenue |
Scope 1 greenhouse gas emissions |
Direct greenhouse gas emissions. These occur from sources that are owned or controlled by the company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc.; emissions from chemical production in owned or controlled process equipment. Woodside estimates greenhouse gas emissions, energy values and global warming potentials are estimated in accordance with the relevant reporting regulations in the jurisdiction where the emissions occur (e.g. Australian national Greenhouse and Energy Reporting (nGER), US EPA Greenhouse Gas Reporting Program (GHGRP)). Australian regulatory reporting principles have been used for emissions in jurisdictions where regulations do not yet exist5 |
Scope 2 greenhouse gas emissions |
Electricity indirect greenhouse gas emissions. Scope 2 accounts for GHG emissions from the generation of purchased electricity consumed by the company. Purchased electricity is defined as electricity that is purchased or otherwise brought into the organisational boundary of the company. Scope 2 emissions physically occur at the facility where electricity is generated. Woodside estimates greenhouse gas emissions, energy values and global warming potentials are estimated in accordance with the relevant reporting regulations in the jurisdiction where the emissions occur (e.g. Australian national Greenhouse and Energy Reporting (nGER), US EPA Greenhouse Gas Reporting Program (GHGRP)). Australian regulatory reporting principles have been used for emissions in jurisdictions where regulations do not yet exist5 |
Scope 3 greenhouse gas emissions |
Other indirect greenhouse gas emissions. Scope 3 is a reporting category that allows for the treatment of all other indirect emissions. Scope 3 emissions are a consequence of the activities of the company but occur from sources not owned or controlled by the company. Some examples of Scope 3 activities are extraction and production of purchased materials; transportation of purchased fuels; and use of sold products and services. Please refer to the Climate data table on our website for further information on the Scope 3 emissions categories reported by Woodside50 |
Starting base |
Woodside uses a starting base of 6.22 Mt CO2-e which is representative of the gross annual average equity Scope 1 and 2 greenhouse gas emissions over 2016-2020 and which may be adjusted (up or down) for potential equity changes in producing or sanctioned assets with a final investment decision prior to 2021. Net equity emissions include the utilisation of carbon credits as offsets |
Sustainability (including sustainable and sustainably) |
References to sustainability (including sustainable and sustainably) are used with reference to Woodside’s Sustainability Committee and sustainability related Board policies, as well as in the context of Woodside’s aim to ensure its business is sustainable from a long-term perspective, considering a range of factors including economic (including being able to sustain our business in the long term by being low cost and profitable), environmental (including considering our environmental impact and striving for a lower carbon portfolio), social (including supporting our license to operate), and regulatory (including ongoing compliance with relevant legal obligations). Use of the terms ‘sustainability’, ‘sustainable’ and ‘sustainably’ is not intended to imply that Woodside will have no adverse impact on the economy, environment, or society, or that Woodside will achieve any particular economic, environmental, or social outcomes |
Target |
Woodside uses this term to describe an intention to seek the achievement of an outcome, where Woodside considers that it has developed a suitably defined plan or pathway to achieve that outcome |
Tier 1 process safety event |
A typical Tier 1 process safety event is loss of containment of hydrocarbons greater than 500 kg (in any one-hour period) |
Tier 2 process safety event |
A typical Tier 2 process safety event is loss of containment of hydrocarbons greater than 50 kg but less than 500 kg (in any one-hour period) |
Traditional Custodian |
A person or group responsible for maintaining and passing on cultural knowledge and practices for a culturally defined area of land or sea |
Traditional Owner |
An Indigenous person or group directly descended from the original inhabitants of a culturally defined area of land or sea |
TTF |
Title transfer facility |
Underlying NPAT |
Net profit after tax from the Group’s operations excluding any exceptional items |
Unit production cost or UPC |
Production costs excluding feed gas, services and processing costs ($ million) divided by reserves production volume (MMboe) |
US, |
|
USD |
US dollars |
WA |
|
Conversion factors
Product |
Unit |
Conversion factor |
Natural gas |
5,700 scf |
1 boe |
Condensate |
1 bbl |
1 boe |
Oil |
1 bbl |
1 boe |
Natural gas liquids |
1 bbl |
1 boe |
Ammonia |
1 metric tonne |
3.68 boe |
Facility |
Unit |
LNG conversion factor |
Karratha Gas Plant |
1 tonne |
8.08 boe |
Pluto LNG Gas Plant |
1 tonne |
8.34 boe |
Wheatstone |
1 tonne |
8.27 boe |
The LNG conversion factor from tonne to boe is specific to volumes produced at each facility and is based on gas composition which may change over time. |
||
Units of measure
Term |
Definition |
bbl |
barrel |
bcf |
billion cubic feet of gas |
boe |
barrel of oil equivalent |
GJ |
gigajoule |
kT |
thousand metric tonnes |
Mbbl |
thousand barrels |
MMbbl |
million barrels |
Mbbl/d |
thousand barrels per day |
Mboe |
thousand barrels of oil equivalent |
Mboe/d |
thousand barrels of oil equivalent per day |
MMboe |
million barrels of oil equivalent |
MMscf |
million standard cubic feet of gas |
MMscf/d |
million standard cubic feet of gas per day |
Mtpa |
million tonnes per annum |
PJ |
petajoules |
scf |
standard cubic feet of gas |
TJ |
terajoule |
About this report
This Half-Year Report 2026 is a summary of Woodside’s operations, activities and financial position as at 30 June 2026. Woodside Energy Group Ltd (ABN 55 004 898 962) is the parent company of the Woodside group of companies. In this report, unless otherwise stated, references to ‘Woodside’, ‘the company’, ‘the Group’, ‘we’, ‘us’ and ‘our’ refer to Woodside Energy Group Ltd and its controlled entities as a whole. The text does not distinguish between the activities of the parent company and those of its controlled entities, unless otherwise stated.
References to ‘H1’ refer to the first half of the year, i.e. the period between 1 January 2026 and 30 June 2026. All dollar figures are expressed in US currency unless otherwise stated. Production and sales volumes, reserves and resources are quoted as Woodside share. A glossary of key terms, units of measure and conversion factors is on pages 59 – 63.
This report should be read in conjunction with the Annual Report 2025 and, in respect of climate and sustainability matters, the 2025 Climate and Sustainability Summary, the Climate Transition Action Plan and 2023 Progress Report available at woodside.com.
Forward looking statements
This report contains forward-looking statements. These statements may relate to Woodside’s business, goals, targets, aspirations, plans, expectations, market conditions, results of operations and financial condition, including, but not limited to, statements regarding the timing, completion and outcomes of transactions, construction costs and capital expenditures, supply and demand for Woodside’s products, development, completion and execution of Woodside’s projects, the expected benefits, cash flows and rates of return or other future results of investments, strategies and transactions, the payment of future dividends and the amount thereof, future results of projects, operating activities and new energy products, expectations and plans for renewables production capacity and investments in, and development of, renewables projects, expectations and guidance with respect to production, production costs and other costs, capital expenditure, abandonment expenditure, exploration expenditure and gas hub exposure, trends in commodity prices and currency exchange rates, adoption and implementation of new technologies and expectations regarding the achievement of Woodside’s Scope 1 and 2 greenhouse gas emissions target (on a net equity or gross equity basis as specified) and other climate and sustainability goals.
All statements, other than statements of historical or present facts, are forward-looking statements and generally may be identified by the use of forward-looking words such as “aim”, “anticipate”, “aspire”, “believe”, “enable”, “estimate”, “expect”, “forecast”, “foresee”, “guidance”, “intend”, “likely”, “may”, “objective”, “outlook”, “pathway”, “plan”, “position”, “potential”, “project”, “schedule”, “seek” “should”, “strategy”, “strive”, “target”, “will” and other similar words or expressions.
Forward-looking statements in this report are not guarantees of future events or performance, but are in the nature of future expectations that are based on management’s current expectations and assumptions.
Those statements and any assumptions on which they are based are subject to change without notice and are subject to inherent known and unknown risks, uncertainties, contingencies and other factors, many of which are beyond the control of Woodside, its related bodies corporate and their respective officers, directors, employees, advisers or representatives.
Important factors that could cause actual results to differ materially from those in the forward-looking statements and the assumptions on which they are based include, but are not limited to, fluctuations in commodity prices, actual demand for Woodside products, currency fluctuations, geotechnical factors, drilling and production results, gas commercialisation, development progress, operating results, engineering estimates, reserve and resource estimates, loss of market, industry competition, pace of technology developments, sustainability and environmental risks, climate related transition and physical risks, safety and personnel risks, changes in accounting standards, economic and financial markets conditions in various countries and regions, the actions of third parties, project delay or advancement, regulatory approvals, political risks and the impact of armed conflict and political instability (such as the ongoing conflicts in Ukraine and in the Middle East) on economic activity and oil and gas supply and demand, cost estimates, legislative, fiscal and regulatory developments, including those related to the imposition of tariffs and other trade restrictions, and the effect of future regulatory or legislative actions on Woodside or the industries in which it operates, including potential changes to tax laws, the impact of general economic conditions, inflationary conditions, prevailing exchange rates and interest rates and conditions in financial markets, and risks associated with acquisitions, mergers, divestitures and joint ventures, including difficulties integrating or separating businesses, uncertainty associated with financial projections, restructuring, increased costs and adverse tax consequences, and uncertainties and liabilities associated with acquired and divested properties and businesses.
A more detailed summary of the key risks relating to Woodside and its business can be found in the “Risk factors” section of Woodside’s most recent Annual Report released to the Australian Securities Exchange and in Woodside’s most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission and available on the Woodside website at https://www.woodside.com/investors/reports-investor-briefings. You should review and have regard to these risks when considering the information contained in this report.
If any of the assumptions on which a forward-looking statement is based were to change or be found to be incorrect, this would likely cause outcomes to differ from the statements made in this report.
Investors are strongly cautioned that forward-looking statements are subject to significant uncertainties and may not prove to be correct. Actual results or performance may vary materially from those expressed in, or implied by, any forward-looking statements. None of Woodside nor any of its related bodies corporate, nor any of their respective officers, directors, employees, advisers or representatives, nor any person named in this report or involved in the preparation of the information in this report, makes any representation, assurance, guarantee or warranty (either express or implied) as to the accuracy or likelihood of fulfilment of any forward-looking statement, or any outcomes, events or results expressed or implied in any forward-looking statement in this report.
All forward-looking statements contained in this report reflect Woodside’s views held as at the date of this report and, except as required by applicable law, neither Woodside, its related bodies corporate, nor any of their respective officers, directors, employees, advisers or representatives nor any person named in this report or involved in the preparation of the information in this report intends to, undertakes to, or assumes, any obligation to, provide any additional information or update or revise any of these statements after the date of this report, either to make them conform to actual results or as a result of new information, future events or results, changes in Woodside’s expectations or otherwise.
Past performance (including historical financial and operational information) is given for illustrative purposes only. It is not necessarily, a reliable indicator of future performance, including future security prices.
Non-IFRS Measures
Throughout this report, a range of financial and non-financial measures are used to assess Woodside’s performance, including a number of financial measures that are not defined in, and have not been prepared in accordance with, International Financial Reporting Standards (IFRS) and are not recognised measures of financial performance or liquidity under IFRS (Non-IFRS Financial Measures). These measures include EBIT, EBITDA excluding impairment, Gearing, Underlying NPAT, Average realised price, Unit production cost, Net debt, Liquidity, Free cash flow, Capital expenditure, Exploration expenditure, Return on Equity, Return on average capital employed, Cash margin, Production cost margin, Other cash cost margin, Net tangible assets and Net tangible assets per ordinary security. These Non-IFRS Financial Measures are defined in the glossary on pages 59 – 61 of this report. A quantitative reconciliation of these measures to the most directly comparable financial measure calculated and presented in accordance with IFRS can be found in the Alternative Performance Measures section of this report on pages 55 – 58.
Woodside’s management uses these measures to monitor Woodside’s financial performance alongside IFRS measures to improve the comparability of information between reporting periods and business units and Woodside believes that the Non-IFRS Financial Measures it presents provide a useful means through which to examine the underlying performance of its business.
Undue reliance should not be placed on the Non-IFRS Financial Measures contained in this report and these Non-IFRS Financial Measures should be considered in addition to, and not as a substitute for, or as superior to, measures of financial performance, financial position or cash flows reported in accordance with IFRS. Non-IFRS Financial Measures are not uniformly defined by all companies, including those in Woodside’s industry. Accordingly, they may not be comparable with similarly titled measures and disclosures by other companies.
Climate strategy and emissions data
All greenhouse gas emissions data in this report are estimates, due to the inherent uncertainty and limitations in measuring or quantifying greenhouse gas emissions, and our methodologies for measuring or quantifying greenhouse gas emissions may evolve as market practices continue to develop and data quality and quantity continue to improve.
Woodside “greenhouse gas” or “emissions” information reported are Scope 1 GHG emissions, Scope 2 GHG emissions, and/or Scope 3 greenhouse emissions, each on a net equity or gross equity basis as specified.
For more information on Woodside’s climate strategy, including references to ‘lower-carbon’ and ‘lower-carbon services’ as part of that strategy, and emissions data, refer to the 2025 Climate and Sustainability Summary, available on the Woodside website at https://www.woodside.com/sustainability and section 3.6 of Woodside’s 2025 Annual Report.
No express or implied prices
This report does not include any express or implied prices at which Woodside will buy or sell financial products.
1 These are alternative performance measures which are non-IFRS measures that are unaudited. Refer to Alternative Performance Measures on pages 53-56 and Non-IFRS Measures on page 63 for more information. 2 The 2026 calculation has been updated to adjust for contributions from/(to) NCI and lease repayments. The 2025 comparative has been restated to be presented on the same basis.
3 2025 sales volumes have been restated to include additional volumes of 0.19 MMboe and 6 MMscf/d to reflect pipeline gas volumes sold in MMBtu at a revised boe conversion factor, impacting realised price by ( 4 H1 2026 Total production volumes includes production of 85.0 MMboe from Woodside reserves and 1.5 MMboe from processing, comprising 1.0 MMboe from Beaumont New Ammonia and 0.5 MMboe from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. 5 2026 full-year Total production volumes includes 2-3 MMboe from Beaumont New Ammonia (no change).
6 Consistent with 2025 Capital Markets Day, presented on a 3 year average for 2026-2028. Includes binding sales and purchases agreements only, Woodside’s equity share of
7 Louisiana LNG (
from Stonepeak Wallaby I Acquiror LP (Stonepeak) and Williams Louisiana LNG LLC (Williams). 8 Capital expenditure is reported on the basis of Woodside’s net ownership interests for each project as at 30 June 2026. Refer to pages 49-50 for details.
9 Calculated based on Woodside’s closing share price on 30 June 2026 of 10 This is an alternative performance measure which is a non-IFRS measure that is unaudited. Refer to Alternative Performance Measures on pages 53-56 for a reconciliation for these measures to Woodside’s financial statements and Non-IFRS Measures on page 63 for more information. 11 Net profit after tax attributable to equity holders of the parent.
12 The global operations effective income tax rate (EITR) of 13 Capital additions on property, plant and equipment, evaluation capitalised and other corporate spend. Excludes exploration capitalised and is presented net of capital contributions from non-controlling interests for the development of Louisiana LNG. 14 Exploration and evaluation expenditure and exploration capitalised less evaluation expenditure, amortisation of licence acquisition costs and prior year exploration expense written off. The 2025 comparative has been restated to be presented on the same basis. 15 Cash flow from operating activities less cash flow from investing activities, adjusted for the capital contributions from/(to) non-controlling interests and lease repayments. The 2025 comparative has been restated to be presented on the same basis. 16 Includes production of 85.0 MMboe from Woodside reserves and 1.5 MMboe from processing, comprising 1.0 MMboe from Beaumont New Ammonia and 0.5 MMboe from feed gas purchased from Pluto non-operating participants processed through the Pluto-KGP Interconnector. 17 The conversion factors used throughout this report are set out on page 60, unless otherwise stated. Sales volumes differ from production volumes primarily due to the timing of liftings and the exclusion of third-party purchased volumes.
18 2025 sales volumes have been restated to include additional volumes of 0.19 MMboe and 6 MMscf/d to reflect pipeline gas volumes sold in MMBtu at a revised boe conversion factor, impacting realised price by ( 19 Comparisons are to half-year ended 30 June 2025. 20 This is an alternative performance measure which is a non-IFRS measure that is unaudited. Refer to Alternative Performance Measures on pages 53-56 for a reconciliation for these measures to Woodside’s financial statements and Non-IFRS Measures on page 63 for more information.
21 Calculated based on Woodside’s closing share price on 30 June 2026 of A 22 These are alternative performance measures which are non-IFRS measures that are unaudited. Refer to Alternative Performance Measures on pages 53-56 and Non-IFRS Measures on page 63 for more information. 23 Net cash flow from / (used in) operating activities and net cash flow from/(used in) investing activities, adjusted for the capital contribution from/(to) non-controlling interests and lease repayments. 24 No change to the forecasted Trion project capital expenditure. Trion construction related vessel leases are for a term of 3 years. 25 Completion of the transaction is subject to conditions precedent. See “Woodside simplifies portfolio and unlocks long-term value” announced 19 December 2024 for details concerning the Australian asset swap. 26 Completion of the transaction is subject to conditions precedent. See “Woodside simplifies portfolio and unlocks long-term value” announced 19 December 2024 for details concerning the Australian asset swap. 27 See the announcement “Woodside completes Gippsland Basin operatorship transition” released 1 July 2026 for details.
28 Higher net production percentage reflects accelerated recovery of 29 Beaumont New Ammonia production volume is 1.0 MMboe in H1 2026. 30 Lower-carbon ammonia is characterised here by the use of hydrogen with emissions abated by carbon, capture, and storage (CCS), with an expected ammonia lifecycle (Scope 1, 2 and 3) carbon emissions intensity of 0.8 tCO2/tNH3 (based on contracted intensity threshold with Linde) relative to unabated ammonia with a lifecycle (Scope 1, 2 and 3) carbon emissions intensity of 2.3 tCO2/tNH3 (Hydrogen Europe, 2023). 31 These are alternative performance measures which are non-IFRS measures that are unaudited. Refer to Alternative Performance Measures on pages 53-56 and Non-IFRS Measures on page 63 for more information. 32 The Project has received funding from the Hydrogen Fuelled Transport Project Funding Process as part of the Western Australian Government’s Renewable Hydrogen Strategy. 33 Completion of the transaction is subject to customary conditions precedent. See “Woodside Exercises Browse pre-emption right” announced on 12 June 2026. 34 See “Woodside rationalises global portfolio with Calypso divestment” released 6 August 2026 for details 35 See the media release “Bandit-1 Discovery off Louisiana” released 10 April 2026 for details. 36 Woodside uses the term lower-carbon to describe the characteristic of having lower levels of associated potential GHG emissions when compared to historical and/or current conventions or analogues, for example relating to an otherwise similar resource, process, production facility, product or service, or activity. When applied to Woodside's strategy, please see the definition of lower-carbon portfolio in the Glossary on pages 57-59.
37 Following completion of the Chevron asset swap announced in 2024, Woodside’s participating interest in Angel CCS will increase to 38 This metric is determined utilising Woodside’s risk matrix. When used to define impact to the environment, moderate impact is an impact on environmental features or areas of heightened sensitivity with a limited ability to recover.
39 For these purposes, “material topic” means a 2026 sustainability topic, determined as part of the 2025 materiality assessment process undertaken by Woodside. Classification of any topic as material through our materiality assessment process should not be read as a determination of whether that topic rises to the level of materiality of disclosure required by law, including the laws of 40 Ms Westcott was appointed to the Board on 18 March 2026 41 Mr Cutifani was appointed to the Board on 19 March 2026. 42 Mr Macfarlane’s retirement took effect from 23 April 2026. 43 Mr O’Neill’s resignation took effect on 1 July 2026. 44 Comparisons are to half-year ended 30 June 2025. 45 Includes lease assets and lease liabilities as a result of AASB 16/ IFRS 16 Leases. Net Tangible Assets per ordinary security is a non-IFRS measure. Refer to Alternative Performance Measures for a reconciliation for these measures to Woodside’s financial statements on pages 53 - 56. 46 UNEP, 1992. “Convention on Biological Diversity’ https://www.cbd.int/doc/legal/cbd-en.pdf. 47 See IFRS Foundation 2021: Climate Related Disclosures Prototype. Appendix A. The IFRS published a further consultation document subsequent to the 2021 prototype. As it did not contain an updated definition of Paris-Aligned scenarios Woodside has retained use of the previous edition. 48 IOGP Fatality and Permanent Impairment injury definitions | IOGP 49 Australian Clean Energy Regulator, 2023. “Corporate Emissions Reduction Transparency report 2023” https://cer.gov.au/markets/reports-and-data/corporate-emissions-reduction-transparency-report/corporate-emissions-reduction-transparency-report-2023/cert-report-2023-glossary 50 World Resources Institute and World Business Council for Sustainable Development 2004. “GHG Protocol: a corporate accounting and reporting standard”. |
This announcement was approved and authorised for release by Woodside’s Disclosure Committee.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260824865396/en/
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