Woodside announces Q1 report for period ended 31 March 2026. Production for the period was 45.2 million barrels of oil equivalent, underpinned by exceptional reliability of our world-class assets, including 99.9% at Sangomar and 99.0% at Shenzi.
Performance highlights
- Sangomar, Shenzi, North West Shelf Project and Pluto LNG all delivered outstanding reliability at or above 99%.
- Achieved an average realised quarterly price of $63/boe, up 11% from Q4 2025 reflecting benefits from market prices.
- Delivered quarterly production volumes of 45.2 MMboe (502 Mboe/d), down 8% from Q4 2025 due to seasonal weather events.
Project highlights
• The Scarborough Energy Project was 96% complete and remains on budget and on track for first LNG cargo in Q4 2026.
- The Scarborough Floating Production Unit (FPU) completed hook-up and commenced topside commissioning following its arrival in Australia.
- Beaumont New Ammonia achieved first ammonia cargo in February, with Woodside assuming operational control in March.
- The Trion Project progressed to 56% complete and remains on budget and targeting first oil in 2028.
- The foundation phase of Louisiana LNG Project remains on budget and on schedule. The project was 24% complete with Train 1 31% complete. The project is targeting first LNG in 2029.
Business and portfolio highlights
- Liz Westcott appointed as CEO and Managing Director.
- Safe restoration of Western Australian operations following Severe Tropical Cyclone Mitchell and Severe Tropical Cyclone Narelle.
Woodside CEO Liz Westcott said the company maintained safe and reliable operations across its global portfolio during the first quarter, while continuing to execute major projects to budget and schedule.
'Production for the period was 45.2 million barrels of oil equivalent, underpinned by exceptional reliability of our world-class assets, including 99.9% at Sangomar and 99.0% at Shenzi. In Western Australia, Pluto LNG achieved 100% reliability for the third consecutive quarter, while the North West Shelf Project delivered 99.7%.
'Output from our Western Australian assets was impacted late in the quarter by Severe Tropical Cyclone Narelle. The team’s cyclone response ensured we maintained the safety of our people, assets and the environment throughout the shutdown and restoration of operations.
'We have seen modest increases to our portfolio average realised pricing in the quarter, driven by elevated spot prices. Further benefits of currently higher spot prices will be realised in subsequent quarters for LNG due to lagged contract pricing.
'We continued disciplined delivery of major cash-generative growth projects. Our Scarborough Energy Project is 96% complete and on target for first LNG cargo in the fourth quarter of 2026.
'During the period, we also progressed preparations for the Pluto turnaround scheduled for May, supporting long-term asset performance, and advancing readiness for Scarborough start-up.
'We reached key milestones during the quarter at Beaumont New Ammonia, achieving first ammonia cargo in February followed by the successful transition to full operational control of the facility in March.
'We commenced the drilling campaign at Trion, and completed the lift and installation of two topside modules onto the FPU. The project is 56% complete and targeting first oil in 2028.
'Construction at the Louisiana LNG project is progressing well, with structural steel erection, pipe installation, LNG tank construction and marine works underway. Louisiana LNG Train 1 is 31% complete.
'The drilling and completion of the Julimar Development Phase 3 wells was delivered, marking another milestone ahead of the asset swap with Chevron in H2 2026.
'At the time of my appointment in March, I said my focus would be on operational excellence, disciplined execution and sustainable value creation for Woodside shareholders. Cost discipline is essential to sustainable shareholder value creation and we are commencing a structured review of our business to streamline decision making, reduce complexity and improve accountability. We expect this will deliver benefits through improved organisational effectiveness and capital management without compromising safety, execution or operational reliability.
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Source: Woodside
