Woodside Posts Higher Quarterly Revenue

SUBSCRIBE SEARCH ARTICLES NEWS 'Increased quarterly operating revenue reflected increased production and strong realized prices'. Image by v_alex via iStock

Woodside Energy Group Ltd on Wednesday reported $4.28 billion in operating revenue for the third quarter (Q3), up two percent from the prior three-month period and 27 percent from Q3 2025.

The Australian liquefied natural gas (LNG)-focused producer saw output rise 12 percent quarter-on-quarter but fall nine percent year-on-year to 46.2 million barrels of oil equivalent. Gas production grew 28 percent sequentially but dropped seven percent by prior-year comparison to 1.7 billion cubic feet per day.

The sequential increase reflects the completion of turnaround activities at the Pluto and North West Shelf LNG projects.

Woodside's realized prices for produced LNG and traded LNG increased both quarter-on-quarter and year-on-year to $13.3 per million British thermal units (MMBtu) and $16.6 per MMBtu respectively.

That offset a decline in realized prices for traded liquids to $71 per barrel in Q3 2026 from $110 per barrel in Q2 2026.

"Amid ongoing volatility in global energy markets, we have remained a reliable supplier to our customers", chief executive Liz Westcott said in an online statement. "Increased quarterly operating revenue reflected increased production and strong realized prices".

"We maintained outstanding reliability across our global portfolio, with reliability of 99.8 percent at Pluto LNG and 99.3 percent at the NWS Project in Australia and 99.2 percent at Sangomar in Senegal", Westcott noted.

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"We continued executing our major growth projects to budget and schedule", Westcott added. "The Scarborough Energy Project [in Western Australia] is now 99 percent complete, with gas from the Scarborough reservoir introduced into the FPU [floating production unit] and exported into the trunkline during the quarter. We remain on track for first LNG cargo this year.

"The Trion Project [offshore Mexico] is now 71 percent complete and targeting first oil in 2028. Fabrication of the FPU is well advanced, with integration and pre-commissioning activities underway.

"Louisiana LNG [in the United States] is targeting first LNG in 2029, with construction progressing across all three trains and the project 32 percent complete".

Woodside said it will now launch a process to sell part of the Beaumont New Ammonia (BNA) project in Texas in accordance with its disciplined portfolio management.

Earlier this year it said it expects a delay in the start of lower-carbon production at BNA "due to construction issues at the third-party feedstock supply facility". Woodside says on its website it now expects lower-carbon production to begin 2027.

Westcott added, "We remain committed to supplying Australia’s domestic gas market and are assessing our plans for four proposed development wells in the Bass Strait. Development will depend on technical assessments and the implications of the Federal Government’s domestic gas reservation scheme".

Earlier this year Woodside assumed operatorship of Bass Strait assets it co-owns with Exxon Mobil Corp.

The partners continue to each own 50 percent in the Gippsland Basin Joint Venture, which supplies about 40 percent of gas needs on Australia's east coast, and 32.5 percent in the Kipper Unit Joint Venture.

The operatorship transfer "positions Woodside as operator of one of Australia's most significant domestic energy assets", Woodside said July 1.

Prospects identified in the GBJV area "have the potential to deliver up to 200 petajoules of additional gas supply to the east coast market, leveraging existing infrastructure", Woodside said.

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