Half-Year 2026 Report
HALF-YEAR REPORT FOR PERIOD ENDED 30 JUNE 2026
ASX: WDS | NYSE: WDS
25 August 2026
Disciplined execution
Operational excellence and project delivery
•
Recorded operating revenue of $7,446 million, up 13% from H1 2025.
•
Delivered production of 478 Mboe/d (86.5 MMboe) and unit production costs of $8.8/boe.1
•
Progressed major projects with Scarborough 98%, Trion 64%, and Louisiana LNG 28% complete.
•
Maintained high asset reliability, with operated LNG facilities achieving 98.7% reliability, Sangomar 99.5%, and Shenzi 99.1%.
•
Safely executed the Pluto planned turnaround campaign on schedule and within budget, including key integration activities
supporting the Scarborough Energy Project, with more than 400,000 hours worked and zero lost-time injuries.
Delivering value
•
Determined a fully franked interim dividend of 57 US cents per share (cps).
•
Achieved net profit after tax (NPAT) of $1,672 million (underlying NPAT $1,334 million).1
•
Delivered EBITDA of $4,647 million from underlying base business.1
•
Delivered operating cash flow of $3,013 million and free cash flow of $352 million.
•
Disciplined capital management resulted in strong liquidity of $8,189 million.1
•
Gearing of 20.6%, marginally outside the target range of 10 - 20%, impacted by $655 million of new lease liabilities, a $419
million net cash outflow from hedge settlements, and a $101 million increase in trade receivables.1
Comparative performance
H1
2026
H1
2025
Change
%
Operating revenue
$ million
7,446
6,590
13%
Underlying NPAT1
$ million
1,334
1,247
7%
Free cash flow1,2
$ million
352
136
159%
Average realised price1,3
$/boe
74.0
61.7
20%
2026 full-year guidance
Prior
Current
Total production volumes4,5
MMboe
86.5
99.2
(13%)
172 - 186
174-185
Gas hub exposure6
%
38.7%
24.2%
15%
~30
No change
Capital expenditure1,7,8
$ million
1,637
2,558
(36%)
4,000 - 4,500
No change
Abandonment expenditure
$ million
255
517
(51%)
500 - 800
No change
Exploration expenditure1
$ million
119
84
42%
~200
No change
Production costs
$ million
749
667
12%
1,500 - 1,800
No change
Feed gas, services and processing costs
$ million
238
92
159%
500 - 600
No change
Property, plant and equipment depreciation
and amortisation
$ million
2,209
2,541
(13%)
4,200 - 4,700
No change
This page and the following 64 pages comprise the half-year information given to the ASX under Listing Rule 4.2A and should be read