Woodside H1 2026: NPAT up 27% to $1.67B, 57 cps interim dividend, Scarborough 98% complete
WDS sits 63% above its 52-week low of $14.27.
Summary
Woodside reported H1 2026 NPAT of $1,672 million, up 27%, and declared a 57 US cps interim dividend. Major growth projects remain on track, with Scarborough at 98% completion targeting first LNG in Q4 2026.
Key Events · Earnings and Guidance · WDS
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H1 2026 NPAT up 27% to $1,672M
Net profit after tax rose 27% year-on-year to $1,672 million, with underlying NPAT of $1,334 million (up 7%). Operating revenue increased 13% to $7,446 million, driven by a 20% rise in average realised price to $74.0/boe.
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Interim dividend of 57 US cps declared
A fully franked interim dividend of 57 US cents per share was determined, up 8% from 53 cps in H1 2025, representing an 80% payout ratio of underlying NPAT and an annualised yield of 5.9%. Total payment is $1,084 million, payable 25 September 2026.
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Scarborough 98% complete, first LNG Q4 2026
The Scarborough Energy Project reached 98% completion, with the FPU achieving ready-for-start-up status and first gas subsequent to period end. First LNG cargo remains on track for Q4 2026. Trion is 64% complete (first oil 2028) and Louisiana LNG is 28% complete (first LNG 2029).
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Gearing at 20.6%, outside target range
Gearing of 20.6% sits marginally above the 10-20% target range, impacted by $655 million of new lease liabilities, $419 million of hedge settlement outflows, and $101 million of higher trade receivables. Management expects gearing to return within target range in H2 2026.
Analysis · WDS · Energy & Transportation
A strong first half saw net profit after tax climb 27% to $1,672 million, propelled by a 20% increase in average realised prices to $74.0/boe amid Middle East supply disruptions. The board declared a fully franked interim dividend of 57 US cents per share, an 8% increase on the prior corresponding period and an 80% payout ratio of underlying NPAT. The Scarborough Energy Project reached 98% completion and remains on track for first LNG cargo in Q4 2026, while Trion (64%) and Louisiana LNG (28%) continue to advance on budget. Gearing of 20.6% sits marginally outside the 10-20% target range, impacted by $655 million of new lease liabilities and $419 million of hedge settlement outflows, though management expects a return to target in H2 2026. The company also announced a structural cost reduction target of $350 million per year from 2028 and retired its 2030 Scope 3 investment and emissions abatement targets, signalling a sharper focus on capital discipline and returns.
How filings like this one have moved
In the 30 days to Aug 25, 2026, 37.4% of the 3413 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, WDS was trading at $23.30 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $45.4B. The 52-week trading range was $14.27 to $25.19. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.