WE

Woodside Energy Group Ltd

Q1 FY26Oil, Gas and Consumable Fuels

Woodside Energy Group Ltd Q1 FY26 Results — Earnings Call Analysis

Q1 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹22

Market cap₹41.4K Cr

P/E15.3

Updated29 May 2026

Read5 min read

What the Q1 FY26 call signalled

2 of 3 strong

RevenueGood growth

MarginMargins steady

CapexCapex planned

The short version

- Woodside expects a step change in future sales volumes and cash flow driven by long-life LNG projects like Scarborough and Louisiana LNG. - Woodside achieved record production in 2025 with 198.8 million barrels of oil equivalent, exceeding guidance (Page 1).

From Woodside Energy Group Ltd's Q1 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Good growth

Woodside expects a step change in future sales volumes and cash flow driven by long-life LNG projects like Scarborough and Louisiana LNG.
Scarborough project is on track for first LNG cargo in Q4 2026, contributing to volume growth.
Louisiana LNG project, sanctioned with high-quality partners, targets production starting from 2029 with significant capacity and multiple supply sources.
Additional development opportunities include Trains 4 and 5 at Louisiana LNG, potentially delivering further sales volume growth and cash flow, subject to capital allocation discipline.
Signed 4.7 million tonnes of new LNG supply agreements with Tier 1 customers, supporting supply portfolio growth through to the 2040s.

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Profitability & Margins

Woodside achieved record production in 2025 with 198.8 million barrels of oil equivalent, exceeding guidance (Page 1).
Strong underlying net profit after tax (NPAT) of $2.6 billion in 2025 despite lower realized prices compared to 2024 (Page 1).
2026 is a transition year with major Pluto turnaround and Scarborough ramp-up planned, potentially impacting costs and production (Page 7, 6).
Louisiana LNG project progressing, with foundational contracts and partners secured, targeting first LNG in 2029, supporting future volume and cash flow growth (Page 12, 14).
Capital management framework remains disciplined; 2026 dividend payout expected within historical range (50%-80% of NPAT) with flexibility for special dividends or buybacks depending on performance (Page 6, 13).

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Capital Expenditure Plans

Capex planned

Louisiana LNG project: Capital expenditure reduced to $9.9 billion (less than 60% of total project cost); foundational transportation capacity secured; long-term supply contract with BP; ongoing sell-down process with Stonepeak and Williams as strategic partners, who fund 75% of 2025-26 capital spend.
Pluto LNG: Major turnaround scheduled for Q2 2026 with tie-ins for Scarborough development.
Scarborough Energy project: 94% complete by end of 2025, targeting first LNG cargo in Q4 2026.
Trion project: 50% complete by end of 2025, targeting first oil in 2028; ongoing construction of floating production and storage units; drilling campaign starting early 2026.
Beaumont new ammonia: Phase 1 ramp-up ongoing; expansion potential dependent on customer demand for low carbon ammonia.

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Fundraising & Capital Structure

Woodside has reduced its capital commitment for Louisiana LNG to $9.9 billion, representing 57% of total project CapEx, due to sell-downs to partners Stonepeak and Williams, minimizing Woodside's equity funding needs.
Stonepeak is funding 75% of Louisiana LNG project capital expenditure in 2025 and 2026.
Woodside maintains a strong balance sheet with $9.3 billion in liquidity and an investment-grade credit rating (BBB+).
Capital management framework targets gearing range of 10%-20%; temporarily outside range during capital-intensive periods but managed closely.
The company actively manages liquidity and expects to hedge modest oil volumes for cash flow stability.

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Order Book & Pipeline

The provided document does not explicitly mention details about "Current/ Expected Orderbook/ Pending Orders." However, key project progress and commitments include: - Louisiana LNG project sell-down progressing well with strong partner interest; capital commitment for Woodside reduced to $9.9 billion (57% of total CapEx). - Scarborough Energy project 94% complete at year-end 2025; first LNG cargo expected Q4 2026. - Trion project 50% complete by year-end 2025; first oil targeted in 2028.

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Others in Oil, Gas and Consumable Fuels this season

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Frequently Asked Questions

What were Woodside Energy Group Ltd Q1 FY26 results?

- Woodside expects a step change in future sales volumes and cash flow driven by long-life LNG projects like Scarborough and Louisiana LNG. - Woodside achieved record production in 2025 with 198.8 million barrels of oil equivalent, exceeding guidance (Page 1).

What is Woodside Energy Group Ltd share price analysis?

Woodside Energy Group Ltd currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 15.3 with a market cap of $41,406. Investors should review the full earnings analysis for detailed insights.

Is Woodside Energy Group Ltd planning capital expenditure?

- Louisiana LNG project: Capital expenditure reduced to $9.9 billion (less than 60% of total project cost); foundational transportation capacity secured; long-term supply contract with BP; ongoing sell-down process with Stonepeak and Williams as strategic partners, who fund 75% of 2025-26 capital spend.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.