Woodside Energy Group Ltd (NYSE:WDS) reported first-quarter revenue of $3.26 billion on Wednesday, exceeding the analyst consensus of $3.06 billion. Revenue was slightly lower than the $3.32 billion recorded in the same period last year.
Shares gained 2.36% in premarket trading following the announcement.
Quarterly production totaled 45.2 million barrels of oil equivalent (MMboe), down 8% from the fourth quarter of 2025, primarily due to seasonal weather disruptions, including Severe Tropical Cyclone Mitchell and Severe Tropical Cyclone Narelle, which affected operations in Western Australia.
Despite these challenges, several key assets delivered strong reliability performance. Sangomar operated at 99.9% reliability, Shenzi at 99.0%, and Pluto LNG achieved 100% reliability for the third consecutive quarter.
The company reported an average realized price of $63 per barrel of oil equivalent for the quarter, up 11% from the prior quarter, supported by stronger market pricing.
CEO Liz Westcott said, “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.”
Woodside maintained its full-year 2026 production guidance of 172–186 MMboe and capital expenditure guidance of $4.0–$4.5 billion.
The Scarborough Energy Project reached 96% completion and remains on budget, with the first LNG cargo expected in the fourth quarter of 2026. Meanwhile, the Louisiana LNG project progressed to 24% completion, with Train 1 at 31%, targeting first LNG production in 2029.
Woodside also assumed operational control of the Beaumont New Ammonia facility in March 2026 after completing performance testing, with the site having already delivered its first ammonia cargo in February.