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Woodside Q1 2026 earnings: Revenue grows, Scarborough and Trion progress

Woodside's Q1 2026 earnings highlight rising revenue and project progress, with reliable energy operations amid challenging weather conditions.

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Laura Stewart
Author bio Laura Stewart is a Finance Editor at The Motley Fool, where she covers Australian and international equity markets. She joined the company in 2022, following a career transition from legal advisory work in Southeast Asia into the investment industry. Prior to her current editorial role, Laura spent three years as an Equity Analyst and Writer, producing investment research across the ASX, NYSE, and NASDAQ. Her coverage included small-cap growth companies, thematic investment ideas, and high-quality U.S.-listed businesses. Laura holds a Master of Applied Finance and brings additional expertise in accounting, taxation, and estate and wealth planning from her postgraduate studies. She also has a background in law and communications, which supports her analytical and reporting work in financial markets. Outside of work, she enjoys spending time in the Adelaide Hills with her flock of sheep. Education Laura holds a Bachelor of Laws, a Bachelor of Communication (Journalism), and a Bachelor of Commerce with majors in Accounting and Corporate Finance. In 2025, she completed a Master of Applied Finance at the University of Adelaide, receiving postgraduate awards in Accounting Concepts & Methods, Ethical Principles in Accounting & Finance, Real Estate Valuation & Investment, and Tax, Estate & Wealth Planning. Social media LinkedIn FYI – I am taking a break from social media at the moment, so this account isn’t active at the moment, but I will let you know when I rejoin. Favorite investment quote "Compound interest is the eighth wonder of the world. He who understands it, earns it... he who doesn't... pays it." — Albert Einstein
Published

The Woodside Energy Group Ltd (ASX: WDS) share price is in focus after the company released its first quarter 2026 report, revealing operating revenue of US$3.26 billion, up 7% from the prior quarter. Quarterly production reached 45.2 million barrels of oil equivalent (MMboe), with key assets like Pluto LNG achieving 100% reliability.

An oil worker assesses productivity at an oil rig.

Image source: Getty Images

What did Woodside report?

  • Operating revenue: US$3,261 million, up 7% from Q4 2025
  • Quarterly production: 45.2 MMboe, down 8% due to seasonal weather
  • Average realised price: US$63/boe, up 11% from Q4 2025
  • Total sales volumes: 51.7 MMboe
  • Capital expenditure: US$853 million; acquisitions: US$470 million
  • Liquidity: approx. US$8.3 billion at 31 March 2026

What else do investors need to know?

Several major projects remain on schedule and budget. The Scarborough Energy Project was 96% complete at quarter-end, targeting first LNG cargo in Q4 2026, while the Trion oil project is 56% complete and aiming for first oil in 2028. Woodside assumed operational control at Beaumont New Ammonia, which exported its first cargo in February.

During the quarter, severe tropical cyclones affected Western Australian operations, temporarily reducing production, but all assets were safely restored. The company continued to progress portfolio changes, including the planned asset swap with Chevron and the upcoming transfer of Bass Strait assets from ExxonMobil.

What's next for Woodside?

Woodside reaffirmed its full-year 2026 production, capital, and cost guidance. Key projects like Scarborough LNG and Trion oil remain on schedule, with Scarborough targeting first LNG cargo in Q4 2026. The company is also continuing its review for improved cost discipline and organisational efficiency under its new CEO.

Looking ahead, Woodside is focused on completing major turnarounds, advancing new energy projects like hydrogen, and progressing growth initiatives in LNG, ammonia, and oil. The company is maintaining a strong liquidity position while investing in both existing and emerging energy opportunities.

Woodside share price snapshot

Over the past 12 months, Woodside shares have risen 57%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 8% over the same period.

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Motley Fool contributor Laura Stewart has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.

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