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Woodside Petroleum Ltd

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Year Founded & Workforce

1954

4,500 Employees

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Woodside Petroleum Ltd Overview

Woodside is Australia's largest independent oil and gas company and one of the world's leading independent LNG producers. It operates roughly 19 Mtpa of LNG capacity in Western Australia, with a further ~5 Mtpa under construction at Pluto Train 2 (2025 Capital Markets Day transcript). Its 2022 merger with BHP Petroleum created a top-10 global independent producer. That merger doubled output and added US Gulf of Mexico, Trinidad and Mexico positions to its Australian LNG core.

The 2025 operating base delivered record production of 198.8 MMboe (545 Mboe/d) and $12.98 billion of operating revenue (FY2025 results, 24 Feb 2026). Woodside is now executing a second growth wave:

  • Scarborough/Pluto Train 2, with first LNG due Q4 2026;

  • Trion offshore Mexico, with first oil in 2028;

  • Louisiana LNG, with first LNG in 2029;

  • Beaumont New Ammonia, now operating.

Management targets more than 50% sales growth to above 300 MMboe and about $9 billion of net operating cash flow by 2032 (CMD, 5 Nov 2025). Woodside thereby positions itself as a dual-basin (Pacific and Atlantic) LNG supplier with an embedded marketing and trading business.

What the company does

Woodside explores for, develops, produces, markets and ships hydrocarbons: LNG, pipeline natural gas (domestic gas), crude oil, condensate and natural gas liquids (NGLs/LPG). Since 2024 it also produces lower-carbon ammonia.

It is an integrated upstream-to-liquefaction player. Woodside owns and usually operates:

  • the offshore production facilities;

  • the trunklines to shore;

  • the onshore liquefaction trains and export terminals.

It then sells LNG under long-term, mid-term and spot contracts through its marketing, trading and shipping function.

Business and revenue model

Revenue comes almost entirely from the sale of physical commodities. Woodside has no material service, subscription or licensing revenue.

LNG and pipeline gas

Long-term SPAs: These are typically oil-linked contracts (slope × JCC/Brent) with Asian utilities, plus a growing share of gas-hub-indexed sales (JKM, TTF, Henry Hub-plus).

Gas hub exposure: Woodside guides its 2026 exposure at about 30% of produced volumes (Q2 2026 report). The figure was 39% during part of 2024 (Q3 2024 commentary).

Domestic gas: It is sold to Western Australian and east-coast (Bass Strait/Gippsland) markets under state domestic-gas reservation frameworks.

Crude oil and condensate

These are sold at Brent-linked prices from:

  • Sangomar (Senegal);

  • the US Gulf of Mexico (Shenzi, Atlantis, Mad Dog);

  • Australian oil assets;

  • in future, Trion (Mexico).

Marketing, trading and shipping

This function buys third-party LNG, optimises cargo destinations and charters vessels. It generates portfolio-optimisation margin and makes it possible to supply customers from an "uncommitted global portfolio". An example is the KOGAS SPA, 0.5 Mtpa for 10.5 years from 2026 (Offshore Technology).

Ammonia

Beaumont New Ammonia (Texas) was acquired from OCI in 2024. Woodside assumed operational control in March 2026 and is delivering cargoes to domestic and international markets (H1 2026 call).

Commodity hedging

Woodside hedges defensively during heavy-capex periods. For 2026 it had hedged about 18 million barrels of Brent at around $70/bbl (CFO Graham Tiver, FY2025 call, via MarketBeat).

Value chain position

Woodside sits at the upstream and midstream (liquefaction) stages. It increasingly extends into downstream-adjacent marketing, shipping and regasification-linked sales.

It does not refine or retail. Its customers are mostly large buyers:

  • utilities (JERA, KOGAS, Tokyo Gas, PETRONAS, Uniper and others);

  • trading houses;

  • national oil companies;

  • industrial gas users;

  • refiners (for crude).

End-markets

North Asian LNG: Japan, Korea, China and Taiwan.

Southeast and South Asia: Malaysia and others.

European LNG: this end-market is growing via Atlantic-basin portfolio supply. Six portfolio sales agreements were signed with Asian and European buyers in 2025 (FY2025 release).

Western Australian and east-coast domestic gas: - Global crude markets.

Ammonia markets: US and international.

Company self-description vs. independent characterisation

Company's self-description. At the 2025 Capital Markets Day and in the 2025 Annual Report, Woodside described its strategy as thriving through the energy transition by meeting rising demand for affordable, reliable, lower-carbon energy. It framed three tasks:

  • maximising value from the base business;

  • delivering cash-generative growth projects;

  • creating the next wave of opportunities.

Independent characterisation. Woodside is fundamentally an Australian LNG utility-like cash engine. It is overlaid with a riskier, capital-heavy global growth programme, two-thirds of which is LNG.

Its distinguishing traits are:

  • 70%+ EBITDA margins (71% in FY2025);

  • low unit production costs ($7.8/boe in FY2025);

  • a high fully-franked dividend payout (80% of underlying NPAT in FY2025).

The investment debate centres on:

  • whether Louisiana LNG, partly merchant, earns its cost of capital;

  • whether Woodside can sustain dividends through the 2025–2029 capex peak;

  • how long legacy North West Shelf (NWS) production lasts, given feed constraints.

Strategy

Stated strategy (paraphrased themes)

From the 2025 Capital Markets Day and 2025 Annual Report

  1. Maximise performance from the base business: safe, reliable, low-cost operations, with innovation driving cost and efficiency.

  2. Deliver cash-generative growth projects: Scarborough, Trion, Louisiana LNG and Beaumont New Ammonia.

  3. Create the next wave of opportunities for long-term returns, for example Browse to NWS, Bass Strait gas, new energy and lower-carbon services.

  4. Apply disciplined capital management throughout. All investments compete under a single shareholder-value framework (H1 2026 call).

CEO priorities from March 2026

Liz Westcott set three priorities on becoming CEO (CEO results wrap, 3 Sep 2026), with safety held above all three:

  • operational excellence;

  • disciplined execution;

  • sustained value creation.

Medium-term financial targets

TargetDetailSource
Sales volumeGrow more than 50% from 203.5 MMboe (2024) to above 300 MMboe by 2032CMD 5 Nov 2025; Petroleum Australia
Net operating cash flow~$9 billion by 2032 (6%+ CAGR from 2024); intermediate ~$8 billion in 2030 per CMD chartCMD; FNArena
DividendPathway to a 50% increase in DPS from 2032CMD
LNG capacityFrom ~19 Mtpa (2024) to up to ~40 Mtpa by 2032Oilprice summary of CMD
Payout policy50–80% of underlying NPAT; FY2025 at 80% (top end)Company policy; MarketBeat
Gearing10–20% target rangeFY2025 call
Structural cost reduction$350 million per year, delivered from 2028H1 2026 call

2026 guidance

Guidance itemPriorCurrent (Q2 2026)
Production (MMboe)172–186174–185
Gas hub exposure (%)~30No change
Capital expenditure (USD M)4000–4500No change
Abandonment expenditure (USD M)500–800No change
Exploration expenditure (USD M)~200No change
Production costs (USD M)1500–1800No change
Feed gas, services and processing (USD M)500–600No change
PP&E depreciation and amortisation (USD M)4200–4700No change

Source: Q2 2026 report (29 Jul 2026); reaffirmed at H1 2026 results (Motley Fool).

Strategic initiatives, last 24 months (Oct 2024 – Oct 2026)

Louisiana LNG: FID (Apr 2025), partner sell-downs (Stonepeak, Williams), and an Aramco collaboration (May 2025).

Scarborough start-up: first gas July 2026; first cargo Q4 2026.

Trion: construction and drilling milestones; 64% complete.

Beaumont New Ammonia: first production and assumption of operational control (Mar 2026).

Bass Strait: operatorship transition (agreed Q3 2025; effective 1 Jul 2026) to unlock additional east-coast gas.

Browse: consolidation via PetroChina pre-emption (Jun 2026). Interest rises to 41.27%, supporting the Browse-to-NWS concept.

NWS: life extension to 2070 approved (Sep 2025).

Portfolio refinement: Greater Angostura divestment ($259 million).

Cost programme: $350 million per year from 2028 (Aug 2026).

ESG: 2025 net equity Scope 1 and 2 reduction of 15% achieved; 30% by 2030 target retained.

Products & Services

Woodside's "products" are commodities produced from specific assets. The catalog below is therefore organised asset-by-asset and product-by-product.

Australia — LNG and gas

North West Shelf (NWS) Project — Karratha Gas Plant, WA

Products: LNG, domestic gas, condensate, LPG.

Interest: Woodside is operator and the largest equity holder.

Status: Australia's oldest LNG plant and second-largest LNG facility. Federal approval in September 2025 extends operations to 2070. Woodside said meeting the federal conditions would not materially increase forecast sustaining capex (Reuters, Oct 2025).

Outlook: Production is constrained by third-party feedstock availability, with impacts expected through 2027 (H1 2026 call). Woodside is converting the NWS into a tolling hub for third-party and future Browse gas.

Customers: Long-term Japanese and other Asian buyers.

Pluto LNG — Train 1

Product: LNG; capacity 4.9 Mtpa (LNG Prime).

Performance: 100% reliability in Q3 2025 (Q3 2025 report). A major turnaround in Q2 2026 included Scarborough integration scopes.

Customers: Kansai, Tokyo Gas and others (verify).

Scarborough Energy Project + Pluto Train 2

Concept: Offshore FPU 375 km off Karratha, a 433 km trunkline, the new Pluto Train 2 (~5 Mtpa) and Train 1 modifications. Scarborough adds about 8 Mtpa of capacity to the Pluto hub (Oilprice summary of CMD).

Gas quality: Reservoir CO2 of only ~0.1% (Natural Gas World, 2021).

Cost: $12.5 billion (LNG Prime).

Progress: 98% complete at end-June 2026. First gas was achieved after the period, and first LNG cargo is targeted for Q4 2026 (Q2 2026 report).

Domestic gas: Supply via Alinta and LNG Japan arrangements; the earlier anchor domestic customer was the Perdaman urea project.

Wheatstone LNG (non-operated, Chevron-operated)

  • LNG and domestic gas, through the Julimar-Brunello development.

Macedon and other WA domestic gas facilities

  • Pipeline gas for the Western Australian market.

Bass Strait / Gippsland Basin (Victoria)

Products: Domestic east-coast gas, oil and condensate.

Operatorship: Woodside assumed operatorship on 1 July 2026 (H1 2026 call). It previously held a non-operated 50% share via the BHP merger.

Projects: The Kipper 1B project completed drilling in Q3 2025. Winter reliability was 90.5% after the Gippsland Asset Streamlining Project (Q3 2025 report).

Browse (pre-FID)

Concept: Brecknock, Calliance and Torosa fields, about 425 km north of Broome, to be developed via the NWS.

Scale: Annual production potential of 11.4 Mt of LNG, LPG and domestic gas (FilingReader summary of 12 Jun 2026 announcement).

Greater Sunrise (pre-development)

  • Timor Sea gas resource. Development concept is subject to Timor-Leste–Australia arrangements.

International — oil and gas

Sangomar (Senegal)

Product: Crude oil.

Facility: FPSO with 100 kbbl/d nameplate capacity. It ran at nameplate for most of 2025 at nearly 99% reliability (Offshore Technology). Plateau was sustained until late October 2025 (Q4 2025 commentary).

Woodside share: 82 kbbl/d at plateau (Q3 2025).

Recent output: About 99 kbbl/d gross in Q2 2026 (NS Energy).

Shenzi (US Gulf of Mexico, operated)

Product: Oil. Reliability was 99.2% in Q2 2026 (Q2 2026 report).

Atlantis and Mad Dog (US Gulf of Mexico, BP-operated)

Product: Oil (non-operated interests).

Trion (Mexico, under development)

Interest: 60%, operated.

Capacity: About 100 kbbl/d (CMD).

Progress: 64% complete at end-June 2026, with first oil targeted for 2028 (H1 2026 call).

Calypso (Trinidad & Tobago, deepwater gas)

  • Pre-development.

Greater Angostura (Trinidad)

  • Divested in 2025 for $259 million cash (MarketBeat summary of FY2025 call).

US LNG and ammonia

Louisiana LNG (Calcasieu Parish, near Lake Charles)

Permit: Fully permitted for 27.6 Mtpa across five trains.

Foundation phase: Three trains totalling 16.5 Mtpa; total cost $17.5 billion.

Woodside capex share: $9.9 billion after the Stonepeak and Williams deals, below 60% of the total (FY2025 release).

Progress: 28% complete at end-June 2026, with Train 1 at 35% (Q2 2026). First LNG is targeted for 2029.

Offtake and supply: - Gas supply agreement with BP.

  • Williams assumes offtake for 10% of volumes (1.6 Mtpa).

  • Aramco collaboration covering potential equity and offtake.

  • Talks with PTT reported (MarketScreener, 1 Jul 2026).

Beaumont New Ammonia (Texas)

Products: Lower-carbon ammonia (capacity ~1.1 Mtpa per company disclosures; verify).

Status: Operational control assumed March 2026; delivering cargoes (H1 2026 call). About 2–3 MMboe is included in 2026 production guidance (H1 2026 report footnote).

Marketing, trading and shipping offerings

  • Portfolio LNG supply agreements:

    • KOGAS: ~0.5 Mtpa for 10.5 years from 2026.

    • PETRONAS: 1 Mtpa for 15 years from 2028 (Q3 2025).

    • JERA: heads of agreement for 6 cargoes a year over 10 years, linked to its Scarborough entry.

    • Six portfolio SPAs with Asian and European buyers in 2025 (FY2025).

  • LNG shipping charters and cargo optimisation.

New energy and carbon services (development stage)

  • Carbon capture and storage (CCS) opportunities, including Angel CCS and Bonaparte CCS (company disclosures; status not updated).

  • Lower-carbon services and offsets supporting customer decarbonisation (Q3 2025 commentary).

Pricing model

Pricing is commodity-linked (oil-slope LNG, hub-indexed LNG, Brent crude, regulated or contracted domestic gas). Specific contract prices are not publicly disclosed.

Realised price was $60.2/boe in FY2025 versus $63.4/boe in FY2024 (Offshore Technology). It rose to $85/boe in Q2 2026 amid Middle East supply disruption (Reuters via OE Digital).

Financial Narrative

Income statement

Sources and notes

  • FY2024–FY2025: FY2025 results release (ASX, 24 Feb 2026) and Offshore Technology/Yahoo coverage.

  • FY2021–FY2023: respective annual reports (verify).

  • EPS is derived from NPAT ÷ approx. weighted shares (~962M in FY2021; ~1,898M from FY2023). FY2022 is omitted because of the mid-year share issuance.

  • Gross profit and operating income are not shown. Woodside's Australian-IFRS presentation does not report a "gross profit" line comparable to US GAAP.

  • Underlying NPAT for FY2025 is reported as ~$2.64 billion (Offshore Technology) and $2.65 billion (Petroleum Australia). The discrepancy is rounding.

Revenue CAGR FY2021–FY2025: about 16.9% a year. This is driven almost entirely by the June 2022 merger. On an organic basis since FY2022, revenue has declined from $16.8 billion to $13.0 billion as prices normalised.

Interim and quarterly datapoints (2025–2026)

Sources: H1 2025 report (Business Wire); H1 2026 report (25 Aug 2026); Motley Fool (25 Aug 2026).

Source: Q2 2026 report (29 Jul 2026); NS Energy; Reuters.

Balance sheet and liquidity

Intra-year datapoints:

30 Jun 2025: liquidity $8,430 million; gearing 19.5% (H1 2025 report).

30 Jun 2026: liquidity ~$8.2 billion after repaying a $600 million syndicated term loan; net debt including leases ~$9.3 billion; gearing 21%, just above the 10–20% target range (Q2 2026 report via NS Energy).

Debt issuance: Woodside issued $3.5 billion of oversubscribed US bonds during 2025 (FY2025 release).

  • See the 2025 Form 20-F, filed with the SEC on 24 Feb 2026.

Cash flow

Operating cash flow: $3,339 million in H1 2025 (H1 2025 report) and ~$3.0 billion in H1 2026 (CEO results wrap, Sep 2026).

FY2024 net operating cash flow, conflicting reports: - ~$5.8 billion (Oilprice summary of CMD);

  • ~$5 billion (FNArena summary of CMD chart).

  • Both describe the CMD baseline; the difference likely reflects rounding or definition (gross vs net of Louisiana partner contributions). Readers should use the CMD slide pack.

Buybacks: None material in the period reviewed; capital returns are dividend-led.

Ratios

  • The FY2025 80% payout is per the MarketBeat summary of the FY2025 call; FY2024 is per company policy at the top end (verify).

  • ROE, ROA, ROIC, current ratio, debt/equity, net debt/EBITDA, interest coverage, asset turnover and cash conversion cycle were not computed.

  • Indicatively, FY2025 net debt/EBITDA would be well under 1.5x given gearing of 18.2% and EBITDA of $9.3 billion. This is directional only.

Commentary on trends and drivers

FY2022 inflection. The BHP Petroleum merger (completed 1 June 2022) and the post-Ukraine-invasion price spike produced record revenue ($16.8 billion), NPAT ($6.5 billion) and dividends (253 US cents).

FY2023 normalisation. Prices fell and impairments cut reported NPAT to $1.66 billion, against underlying NPAT of $3.32 billion. The gap between reported and underlying earnings that year reflects non-cash charges.

FY2024. Sangomar first oil in June added volumes. Reported NPAT of $3.57 billion benefited from the profit on the 10% Scarborough sell-down to LNG Japan (H1 2025 report reconciliation). Free cash flow turned negative (-$293 million) at the capex peak.

FY2025. Record production (198.8 MMboe, above the 192–197 MMboe guidance) offset a 5% lower realised price.

  • Revenue was effectively flat (-1%).

  • EBITDA was unchanged at $9.28 billion, and the margin widened to 71% on cost discipline (unit cost $7.8/boe).

  • Free cash flow recovered to $1.9 billion, helped by Stonepeak funding 75% of Louisiana capex in 2025–2026.

  • Reported NPAT fell 24%, mainly because 2024 included sell-down gains.

2026 to date.

  • Production guidance was lowered to 172–186 MMboe, then narrowed to 174–185 MMboe. The reasons are the Q2 Pluto turnaround, cyclone impacts, a September single-train LNG maintenance and NWS feed constraints.

  • Prices have nonetheless surged: realised price was $85/boe in Q2 2026 amid the US-Iran conflict and Strait of Hormuz disruption (Reuters).

  • H1 2026 NPAT rose 27% to $1.67 billion and free cash flow rose more than 150%.

Forward. Scarborough (Q4 2026) adds high-margin LNG volumes. Capex stays elevated through 2028–2029 (Trion, Louisiana), so free cash flow sensitivity to oil and LNG prices is high. The $350 million structural cost programme (from 2028) addresses the cost base.

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Financial Detail

Segment (As Reported Post-merger) Overview

Segment (as reported post-merger)What it containsKey assets / products

Australia (Australian Operations)

Operated and non-operated Australian LNG, domestic gas, oil and condensate; Bass Strait from 2026

NWS Project (operator), Pluto LNG (operator), Wheatstone (non-op), Julimar-Brunello, Macedon, Pyrenees, Gippsland/Bass Strait, Scarborough (under commissioning)

International (International Operations)

Producing oil and gas assets outside Australia

Sangomar (Senegal), Shenzi (US GoM, operated), Atlantis and Mad Dog (US GoM, BP-operated); Greater Angostura (Trinidad) until divested in 2025

Marketing (Marketing, Trading & Shipping)

Purchase and sale of third-party LNG and other products, shipping, portfolio optimisation

Global LNG portfolio, LNG fleet charters, trading

Corporate / Other (including New Energy and projects)

Corporate costs, treasury, hedging, new energy and lower-carbon services

Beaumont New Ammonia (consolidation location to be confirmed in 2025 Annual Report), CCS opportunities, development projects

Revenue by Segment and Segment Margins & Growth (%)

MetricFY2023FY2024FY2025

Group operating revenue (USD Mn)

13,99413,17912,984

Group EBITDA (USD Mn)

—9,2769,277

Group EBITDA margin (%)

—7071

Asset Portfolio

AssetPeriodDisclosed revenue (Woodside share, USD Mn)Source

Sangomar

FY2025

~1,900

FY2025 results release

Sangomar

H1 2025

~1,000

H1 2025 report

Sangomar

Q3 2025

477

Q3 2025 report

Operating Metrics (MMboe)

MetricFY2021FY2022FY2023FY2024FY2025

Production (MMboe)

91.1157.7187.2193.9198.8

Project Portfolio

ProjectWoodside interestPartnersStatus

Scarborough field

74.9% (operator)

JERA 15.1%, LNG Japan 10%

First gas July 2026; first LNG Q4 2026

Pluto Train 2

51% (operator)

Global Infrastructure Partners 49%

Commissioning with Scarborough

Pluto LNG Train 1

90% (operator)

Kansai Electric, Tokyo Gas (5% each; verify)

Producing

Louisiana LNG HoldCo

90% (consolidated)

Williams 10%

Under construction

Louisiana LNG InfraCo

60% held by HoldCo

Stonepeak 40%

Under construction

Driftwood Pipeline (PipelineCo)

20%

Williams 80% (operator)

Under construction

Trion (Mexico)

60% (operator)

Pemex 40%

64% complete (H1 2026)

Browse JV

41.27% after PetroChina pre-emption completes (operator)

BP, Mitsui/MIMI, Inpex/others (verify current)

Pre-FID

Bass Strait / Gippsland

Operator from 1 Jul 2026

Esso (ExxonMobil)

Producing

Income Statement and Per-Share Data

MetricFY2021FY2022FY2023FY2024FY2025

Operating revenue (USD Mn)

6,96216,81713,99413,17912,984

EBITDA (USD Mn)

———9,2769,277

Net profit after tax, reported (USD Mn)

1,9836,4981,6603,5732,718

Underlying NPAT (USD Mn)

1,6205,2303,3202,8802,640

EPS basic, derived (USD)

2.06—0.871.881.43

Dividends per share (US cents)

135253140122112

EBITDA margin (%)

———7071

Net margin, reported NPAT (%)

28.538.611.927.120.9

Production (MMboe)

91.1157.7187.2193.9198.8

Average realised price (USD per boe)

———63.460.2

Income Statement and Per-Share Data (Half-Yearly)

MetricH1 2025H1 2026

Operating revenue (USD Mn)

6,5907,446

NPAT (USD Mn)

1,3161,672

Underlying NPAT (USD Mn)

—1,334

Free cash flow (USD Mn)

136352

Interim DPS (US cents)

5357

Production (MMboe)

99.286.5

EBITDA (USD Mn)

—4,600

Income Statement and Operating Metrics (MMboe)

MetricQ2 2025Q2 2026

Quarterly revenue (USD Mn)

3,2704,180

Production (MMboe)

50.141.3

Realised price (USD per boe)

5985

Margin Analysis (%) and Key Financials

MetricFY2025

Gearing (%)

18.2

Liquidity (USD Mn)

9,300

Cash Flow

MetricFY2024FY2025

Free cash flow (USD Mn)

-2931,889

Full-year dividend value (USD Mn)

—2,100

Margin Analysis (%) and Key Financials (USD)

MetricFY2024FY2025

EBITDA margin (%)

7071

Dividend payout of underlying NPAT (%)

8080

Unit production cost (USD per boe)

—7.8

Revenue by Region

RegionFY2023FY2024FY2025

Total operating revenue (USD Mn)

13,99413,17912,984

Datapoint Details

DatapointValue (AUD)Source

First trading price 2026

23.73

InvestSMART

2026 high (to late Jul)

35.82

InvestSMART

2026 low (to late Jul)

22.83

InvestSMART

5 Aug 2026

31.89

Kalkine

20 Aug 2026

33.61

Kalkine

1 Oct 2026

31.16

Kalkine

13 Oct 2026

32.78

Kalkine

2025 open / close

24.66 / 23.59 (-4.3%)

InvestSMART

Valuation Snapshot

MetricValueSource / note

Trailing P/E

~14–17x across 2026 snapshots

Morningstar data via Motley Fool (various 2026 dates)

Dividend yield (trailing)

~5.0–5.8%

Morningstar via Motley Fool

Per-Share Data

MetricFY2021FY2022FY2023FY2024FY2025

DPS fully franked (US cents)

135253140122112

Credit Ratings

AgencyRatingOutlookDate / source

S&P Global

BBB+

Negative

Revised 30 Apr 2025 after Louisiana FID (Reuters)

Moody's

Baa1

—

Historical affirmation (UPI, 2018); verify current

Analyst Conclusions

Management guidance

  • 2026 production of 174–185 MMboe.

  • Capex of $4.0–4.5 billion.

  • Scarborough first LNG in Q4 2026.

  • Trion first oil in 2028.

  • Louisiana LNG first LNG in 2029.

  • $350 million a year of structural savings from 2028.

  • ~$9 billion net operating cash flow by 2032.

Bull case

  1. Scarborough de-risking is near complete. First gas was achieved in July 2026 with the project on budget. First cargo in Q4 2026 adds long-life, low-CO2, high-margin LNG and reverses the 2026 production dip in 2027.

  2. Strong price environment. The 2026 supply shock (realised price of $85/boe in Q2 2026), combined with ~30% hub exposure and 71% EBITDA margins, accelerates deleveraging back into the 10–20% gearing band. It also supports top-of-range payouts.

  3. Strategic scarcity value. Reported ExxonMobil interest highlights the scarcity of Woodside's LNG platform, and Browse consolidation adds future backfill. Together these provide valuation support.

Bear case

  1. Louisiana merchant risk. Woodside carries offtake exposure beyond its economic interest into a 2029–2031 LNG supply glut. S&P already holds a negative outlook on this basis.

  2. Base business is shrinking. NWS feed constraints run through 2027 and Sangomar is past plateau. As a result, 2026 output falls about 9% at the guidance midpoint, and growth is back-end loaded to 2028–2032.

  3. Payout sustainability is at risk. Concurrent megaproject capex, gearing already at 21% and a possible reversal of 2026's geopolitical premium could squeeze the 80% payout. Takeover optionality is also politically constrained by WA government opposition.

Catalysts and monitorables (next 12 months)

  • Q3 2026 quarterly report (expected late October 2026).

  • Scarborough first LNG cargo and ramp-up rate (Q4 2026 – H1 2027).

  • 2027 production and capex guidance (January 2027).

  • FY2026 results and final dividend (February 2027).

  • Further Louisiana LNG sell-downs or offtake deals (Aramco, PTT, others).

  • Browse pre-emption completion and FID pathway.

  • Execution and savings tracking on the $350 million cost programme.

  • Any corporate approach, and Foreign Investment Review Board / WA government responses.

  • S&P/Moody's rating actions.

  • Brent and JKM trajectory as the Middle East situation evolves.

Analyst verdict

Woodside enters late 2026 at an inflection point that is operationally favourable but financially delicate. The base business has rarely looked better:

  • record 2025 production;

  • 71% EBITDA margins;

  • $7.8/boe unit costs;

  • near-perfect reliability at Pluto, Sangomar and Shenzi.

The flagship Scarborough project, the defining capital commitment of the O'Neill era, is effectively built and flowing gas. A first cargo is due within weeks to months.

The leadership transition was handled with continuity rather than disruption. Liz Westcott's elevation, after she personally led Scarborough and the Bass Strait transition, signals that the board prizes execution over strategic reinvention. Her first visible act was a $350 million structural cost target, which reinforces that reading.

Against this, the balance sheet is carrying more than the headline suggests:

  • gearing has drifted above target to 21%;

  • three megaprojects are absorbing capital simultaneously;

  • Louisiana LNG brings a degree of merchant and offtake exposure that S&P explicitly flagged.

The 2026 share-price rally of roughly 38% YTD rests on three supports that are not all durable:

  • a geopolitical price premium;

  • takeover speculation that Woodside has formally denied;

  • Scarborough de-risking.

Assessment. Woodside is a high-quality, cash-generative LNG franchise whose medium-term value hinges on two things: a clean Scarborough ramp-up in 2027 and the commercial outcome of Louisiana LNG. Investors are paid to wait via a fully franked yield of about 5%. However, the risk-reward is more balanced than in early 2026, given elevated prices are already in the share price and project and political risks are skewed to the downside.

A constructive-but-selective stance is warranted. Accumulate on commodity-driven weakness, and keep watching:

  • the gearing trajectory back toward 10–20%;

  • Louisiana sell-down and offtake progress;

  • delivery of 2027 production growth;

  • the actual landing of the $350 million cost programme.

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Executive Leadership

Executive Leadership Team

NameTitleTenure / background

Elizabeth (Liz) Westcott

CEO & Managing Director

Appointed 18 Mar 2026; Acting CEO Dec 2025–Mar 2026. Joined Woodside Jun 2023 as EVP Australian Operations; EVP & COO Australia from 2024, leading Scarborough and the Bass Strait transition. Previously COO EnergyAustralia; 25 years at ExxonMobil in Australia, the UK and Italy, including MD of Adriatic LNG (2013 secondment). 30+ years in the industry (ASX, 18 Mar 2026; OGJ).

Graham Tiver

Chief Financial Officer

CFO; presented on the H1 2026 call.

Other Executive Leadership Team members

EVPs covering Australian Operations, International, Marketing/Trading/Shipping, Projects, Technical, Corporate Services

Names and portfolios changed during 2025–2026.

Board of Directors

NameRoleNotes

Richard Goyder AO

Independent Chair

Chair since 2018 (verify); led the 2026 CEO search

Liz Westcott

CEO & MD

Executive director from Mar 2026

Mark Cutifani

Independent NED

Appointed Mar 2026; former Anglo American CEO (9+ years). Sits on Audit & Risk, Sustainability, and Nominations & Governance committees. Stood for election at the 23 Apr 2026 AGM (Rigzone).

Tony O'Neill

Former NED

Resigned effective 1 Jul 2026 (MarketScreener)

Other NEDs

Independent

Board members as last disclosed include Larry Archibald, Frank Cooper, Arnaud Breuillac, Swee Chen Goh, Ian Macfarlane, Ann Pickard, Ben Wyatt and Angela Minas. Verify current composition against the 2025 Annual Report and 2026 AGM notice.

Competitive Landscape

Competitors by Segment

SegmentCompetitors

Australian LNG

Chevron (Gorgon, Wheatstone operator), Shell (Prelude, QCLNG), INPEX (Ichthys), Santos (GLNG, PNG LNG, Barossa), ConocoPhillips/Origin (APLNG), ExxonMobil (Gorgon, PNG LNG)

Global LNG supply

QatarEnergy, Cheniere, Venture Global, TotalEnergies, Shell, ExxonMobil, BP, Eni, Equinor

Deepwater oil

BP, Chevron, Shell, Murphy, Talos, TotalEnergies, Petrobras

East-coast Australian gas

Santos, Origin, Beach Energy, ExxonMobil (Esso)

Lower-carbon ammonia

CF Industries, Yara, Nutrien, others

Peer Comparison FY2025

MetricWoodside (FY2025)Santos (FY2024)

Revenue (USD Mn)

12,9845,400

Production (MMboe)

198.8—

EBITDA margin (%)

71—

Recent Developments

Woodside typically releases its September-quarter report in the second half of October.

Company Snapshot

$12,984M

Revenue

4,500

Employees

1954

Founded

Perth, Australia

Headquarters

SWOT Analysis

Strengths

  • Record FY2025 production of 198.8 MMboe, exceeding 192–197 MMboe guidance (FY2025 results).
  • Margin resilience: FY2025 EBITDA margin of 71% (vs 70% in FY2024), despite a 5% lower realised price.
  • Low unit production cost of $7.8/boe in FY2025.
  • Operated-asset reliability: Pluto 100% (H2 2025); Sangomar 99.3% and Shenzi 99.2% (Q2 2026).
  • Project delivery: Scarborough 98% complete, on budget and on schedule, with first gas achieved (Q2 2026); Sangomar delivered on time.
  • Shareholder returns: about $11 billion of dividends since 2022 (CMD); 80% payout in FY2025.
  • Liquidity of $9.3 billion and gearing of 18.2% at end-2025.

Weaknesses

  • Declining production in 2026: guidance of 174–185 MMboe versus 198.8 in 2025.
  • Third-party feedstock constraints on NWS through 2027 (H1 2026 call).
  • Gearing of 21% at June 2026, above the 10–20% target range.
  • Reported NPAT volatility: 1.66 → 3.57 → 2.72 billion over FY2023–FY2025, driven by impairments and sell-down gains.
  • Leadership change: the CEO departed to a direct competitor (BP) in December 2025, followed by an interim period.
  • S&P negative outlook since April 2025.

Opportunities

  • Scarborough first LNG in Q4 2026 adds up to ~8 Mtpa of hub capacity.
  • Louisiana LNG (16.5 Mtpa foundation) gives Atlantic-basin scale, with expansion potential to 27.6 Mtpa permitted.
  • Browse consolidation to 41.27% enables the Browse-to-NWS backfill concept (11.4 Mtpa potential).
  • Bass Strait operatorship could unlock additional east-coast gas.
  • Elevated 2026 prices (Q2 realised price of $85/boe) accelerate deleveraging.
  • $350 million a year of structural savings from 2028.
  • 2032 targets: about $9 billion operating cash flow and a 50% DPS uplift pathway.

Threats

  • Price downside: Brent fell to near five-year lows (~$59) in December 2025 before the 2026 conflict spike.
  • LNG supply wave from the US and Qatar could pressure uncontracted Louisiana margins.
  • Unsolicited takeover interest (ExxonMobil reports), with political overlay: the WA Premier pledged to fight relocation of the headquarters.
  • Climate litigation, approval challenges and shareholder activism (2024 climate plan vote).
  • Execution risk across three concurrent megaprojects (Scarborough commissioning, Trion, Louisiana).
  • Cyclone and weather disruption in the Pilbara (H1 2026 impacts).

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Key Developments

DateEventSignificance
7 Apr 2025Stonepeak to take 40% of Louisiana LNG InfraCo, providing $5.7 billion capexKey FID enabler
29 Apr 2025Louisiana LNG FID ($17.5 billion total, 16.5 Mtpa)Transformational US LNG commitment
30 Apr / 1 May 2025S&P revised outlook to negative; affirmed BBB+Ratings headroom eroded by offtake exposure
May 2025Collaboration agreement with AramcoPotential Louisiana partner
Jun 2025Sangomar one year since first oil; no recordable injuriesAsset outperformance
24 Jun 2025Stonepeak deal completed; ~$1.9 billion receivedBalance-sheet support
22 Jul 2025Q2 2025: 50.1 MMboe; Pluto reliability 94.9%Operational
Aug 2025H1 2025: NPAT $1,316 million; revenue +10%; interim dividend 53 cpsResults
Sep 2025NWS extension to 2070 approved; no material capex increase expectedLong-life asset secured
Sep 2025Louisiana LNG groundbreaking ceremonyProject progress
Q3 2025PETRONAS SPA (1 Mtpa, 15 years from 2028); agreement to assume Bass Strait operatorshipCommercial and portfolio
22 Oct 2025Q3 2025: 50.8 MMboe, revenue $3.36 billion; 2025 guidance raisedOperational beat
22–23 Oct 2025Williams partnership closes; Woodside Louisiana capex share falls to $9.9 billionDe-risking
Late Oct 2025Sangomar plateau endsStart of decline
5 Nov 2025Capital Markets Day: 2032 targetsStrategy reset
17 Dec 2025CEO Meg O'Neill named BP CEO; Liz Westcott Acting CEOLeadership transition
Jan 2026Scarborough FPU arrives on locationProject milestone
28 Jan 2026Q4 2025 report; 2026 production guidance 172–186 MMboe, 3% below consensus midpoint (Jarden)Guidance reset
24 Feb 2026FY2025 results: record 198.8 MMboe, NPAT $2.72 billion (-24%), DPS 112c; 20-F filedResults
Mar 2026Operational control of Beaumont New Ammonia assumedAmmonia ramp
18 Mar 2026Liz Westcott appointed CEO & MD; Mark Cutifani joins boardGovernance
Apr 2026Q1 2026: Scarborough 96% complete; Louisiana 24%Project progress
23 Apr 2026Annual General MeetingGovernance
Q2 2026US-Iran conflict disrupts Gulf energy supply; realised price $85/boePrice windfall
12 Jun 2026Browse pre-emption of PetroChina 10.67%Resource consolidation
12–15 Jun 2026Bloomberg reports ExxonMobil interest; WA Premier opposes HQ relocation; Woodside denies talksM&A speculation; NYSE ADS +8.35% on 12 Jun
1 Jul 2026Assumes Gippsland Basin operatorship; Tony O'Neill resigns as NED; PTT Louisiana talks reportedOperations and governance
Jul 2026First gas from Scarborough reservoir; FPU ready for start-upMajor de-risking
29 Jul 2026Q2 2026: revenue $4.19 billion (+28%); guidance narrowed to 174–185 MMboe; $600 million term loan repaidOperational
25 Aug 2026H1 2026: NPAT $1.67 billion; interim dividend 57 cps; $350 million cost-reduction targetResults and cost reset
Sep 2026Single-train LNG planned maintenance begins (as scheduled)Q3 production impact
Oct 2026Hormuz tanker attacks lift crude; shares ~A$32.78 (13 Oct)Macro tailwind

Financial Performance

Explore key financial metrics, segmented revenue, balance sheet health, and performance trends.

Revenue

2 charts
Revenue by Segment: Group operating revenue fell from USD 13,994 Mn in FY2023 to USD 12,984 Mn in FY2025.
Woodside Petroleum Ltd — Revenue by Segment
Series (USD Mn)FY2023FY2024FY2025
Group operating revenue13,99413,17912,984
Group EBITDA—9,2769,277

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Sources

Sources

  1. Woodside ASX announcement, "Woodside Releases Full-Year 2025 Results", 24 Feb 2026 — announcements.asx.com.au/asxpdf/20260224/pdf/06wnjwtzp8c7n4.pdf
  2. Woodside Half-Year Report for period ended 30 June 2026 — woodside.com/docs/.../half-year-2026-report.pdf: Business Wire, 25 Aug 2026
  3. Woodside Second Quarter Report for period ended 30 June 2026 — announcements.asx.com.au/asxpdf/20260729/pdf/07254pjfvjg9xz.pdf
  4. Woodside H1 2026 results transcript (roic.ai: Webull · StatementDog)
  5. Woodside news story, "Half-year results wrap with our CEO", 3 Sep 2026
  6. ASX / SEC Form 6-K, "Liz Westcott Appointed Woodside CEO", 18 Mar 2026
  7. SEC Form 6-K, 2025 Capital Markets Day release and transcript, 5 Nov 2025
  8. Business Wire: Q2 2025 report (22 Jul 2025) · Stonepeak completion (24 Jun 2025) · Williams partnership (22 Oct 2025) · Q3 2025 report (21 Oct 2025) · H1 2025 report (Aug 2025)
  9. Reuters (via Mining Weekly, OE Digital, BOE Report, PGJ, Engineering News): 2026 guidance, CEO appointment, Exxon speculation, Browse pre-emption, Q2 2026 results, S&P outlook (Apr 2025)
  10. Offshore Technology: FY2025 results · Browse pre-emption · KOGAS SPA · ExxonMobil report
  11. LNG Prime: Scarborough and Louisiana LNG progress · Tellurian acquisition
  12. Natural Gas World: Scarborough/Pluto Train 2 FID (Nov 2021)
  13. FNArena: Capital Markets Day analyst reaction (Nov 2025)
  14. MarketBeat: FY2025 call highlights (gearing, payout, hedging, Greater Angostura)
  15. Motley Fool Australia / Morningstar data: H1 2026 results; valuation snapshots; analyst targets
  16. InvestSMART and Kalkine: share price data (2025–Oct 2026)
  17. Rigzone, World Oil, OGJ: CEO appointment, Cutifani appointment
  18. MarketScreener: June–July 2026 newsflow
  19. Wikipedia: corporate history (founding, Shell/BHP shareholdings)
  20. digrin: OTC US-dollar price history
  21. Simply Wall St: analyst fair-value narratives

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