Woodside Q2 Revenue Jumps 28% to $4.2B; Scarborough 98% Complete, First Gas Achieved
WDS sits 59% above its 52-week low of $14.27.
Summary
Higher prices drove Woodside's Q2 2026 revenue up 28% to $4.2 billion, while Scarborough hit 98% completion and first gas—keeping first LNG on track for Q4 2026. Full-year production guidance was narrowed, but a Calypso impairment and derivative loss will impact half-year earnings.
Key Events · Earnings and Guidance · WDS
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Q2 Revenue Up 28% to $4.2B
Operating revenue reached $4,185 million, driven by a 35% increase in average realized price to $85/boe, with LNG at $10.5/MMBtu and oil at $107/bbl.
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Scarborough 98% Complete, First Gas Achieved
The Scarborough Energy Project is 98% complete and on budget; first gas from the reservoir was achieved after the quarter, with first LNG cargo on track for Q4 2026.
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Full-Year Production Guidance Narrowed
2026 production guidance tightened to 174–185 MMboe (from 172–186), reflecting greater certainty after Q2 performance; all other guidance unchanged.
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Calypso Impairment of $160–200M Expected
A pre-tax impairment loss of $160–200 million related to the Calypso Project and other items will be recognized in half-year results, excluded from underlying NPAT.
Analysis · WDS · Energy & Transportation
A 28% sequential jump in operating revenue to $4.2 billion underscores the quarter's strength, fueled by higher realized LNG and oil prices. While production slipped 9% on planned maintenance and cyclone recovery, the narrowed full-year guidance signals management's confidence. The Scarborough Energy Project reached 98% completion and achieved first gas after the quarter—a major de-risking milestone that keeps first LNG on track for Q4 2026. Trion and Louisiana LNG remain on budget and schedule. Offsetting these positives, a $160–200 million impairment on the Calypso Project and a $135 million non-cash derivative loss will weigh on earnings. The balance sheet remains robust, with $8.2 billion in liquidity and gearing at 21%, supporting growth capex and the Browse pre-emption. Governance and cost-efficiency narratives are reinforced by the chair succession process and a structured review.
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At the time of this filing, WDS was trading at $22.65 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $42.8B. 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.