Woodside Q3 Revenue Up 27% to $4.28B; Production Guidance Narrowed, Calypso Sold to bp
WDS sits 64% above its 52-week low of $14.375.
Summary
Woodside posted Q3 revenue of $4.28 billion, up 27% year on year, on stronger production and LNG pricing, while narrowing full-year production guidance and agreeing to sell its Calypso stake to bp.
Key Events · Earnings and Guidance · WDS
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Q3 Revenue Jumps 27% Year on Year
Operating revenue of $4,281 million versus $3,359 million in Q3 2025 and $4,185 million in Q2 2026, driven by a realised LNG price of $84/boe, up 27% on the prior quarter.
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Production Up 12% Sequentially
Q3 production of 46.2 MMboe (503 Mboe/d) rose from 41.3 MMboe in Q2 2026 as Pluto LNG returned from its planned turnaround; reliability was 99.8% at Pluto and 99.3% at NWS.
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Full-Year Production Guidance Narrowed
2026 production guidance cut to 174-181 MMboe from 174-185 MMboe on lower Beaumont New Ammonia volumes (1.5-2.5 MMboe), a tighter Scarborough first-cargo window and reduced Okha output. Capex guidance unchanged at $4,000-4,500 million.
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Calypso Stake Sold to bp
Woodside agreed on 6 August 2026 to sell its 70% operated interest in the Calypso Project to bp, with all key conditions precedent met and completion targeted for Q4 2026.
Analysis · WDS · Energy & Transportation
Woodside's third quarter delivered $4,281 million of operating revenue, up 27% year on year, on 46.2 MMboe of production that rose 12% sequentially as Pluto LNG returned from its Q2 turnaround. Realised LNG prices of $84/boe, up 27% on Q2, did the heavy lifting on the top line. Against that, full-year production guidance was narrowed to 174-181 MMboe from 174-185 MMboe, reflecting a smaller Beaumont New Ammonia contribution, a tighter Scarborough first-cargo window and reduced Okha output. The portfolio is being reshaped: Woodside agreed to sell its 70% operated stake in Calypso to bp with completion targeted for Q4 2026, and after finishing the Beaumont New Ammonia review it will run a formal process to reduce that investment. Scarborough is 99% complete and still targeting first LNG this quarter, which is the single largest swing factor for 2027 volumes and cash flow. Balance sheet capacity is intact with roughly $7.8 billion of liquidity against $8.9 billion of net debt, and the 5 November Capital Markets Day is the next scheduled update on strategy and the $350 million cost-out program.
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At the time of this filing, WDS was trading at $23.58 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $45B. The 52-week trading range was $14.38 to $25.19. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.