Woodside Energy Ltd – H1 2026 Financial and Strategic Update
Woodside Energy Ltd (ASX:WDS) reported that its underlying profit for the six months ended 30 June 2026 increased 7 percent year‑on‑year to $1.33 billion. Operating revenue rose 14 percent to $7.45 billion over the same period.
Production volumes fell to 86.5 million barrels of oil equivalent (boe) from 99.2 million boe a year earlier. The decline in output was more than offset by higher realised oil prices, with the average realised price on oil sales climbing to $74 per boe, compared with $61.7 per boe in the prior year.
The company declared an interim dividend of 57 cents per share, up from 53 cents per share in the corresponding quarter of the previous year.
In the earnings call, Chief Executive Officer Liz Westcott announced that Woodside has scrapped a large portion of its long‑term clean‑energy and emissions targets, including the suspension of a $5 billion investment plan for clean‑energy projects slated for completion by 2030. While the firm remains on track to meet its 2030 emissions‑reduction goal, it will cut plans to curb emissions from the use of its products.
Westcott also disclosed that Woodside will undertake a strategic review of its Beaumont New Ammonia asset in Texas and aims to reduce costs by $350 million from 2028 onward as part of the new strategic direction.
The profit uplift was attributed primarily to a sharp rise in oil prices driven by supply disruptions linked to the U.S.–Iran conflict, which caused a significant reduction in shipping through the Strait of Hormuz.