Woodside Energy Group Ltd (ASX: WDS) shares are pushing higher today.
Shares in the S&P/ASX 200 Index (ASX: XJO) oil and gas stock closed yesterday trading for $32.29. In late morning trade on Wednesday, shares are changing hands for $32.41 apiece, up 0.4%.
For some context, the ASX 200 is up 1.2% at this same time.
Taking a step back, Woodside shares are up 37% in 2026, racing ahead of the 3.9% year-to-date gains posted by the benchmark index.
Now, here's why this is a big week for the Aussie oil and gas giant.
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Woodside shares get Western Australia support
On Monday, Woodside welcomed the Western Australian government's decision to grant State Significant Project status to the proposed $49 billion Browse to North West Shelf Project, one of its key growth projects.
As the operator of the Browse Joint Venture, the new status should support Woodside shares longer term, as it simplifies the state's approval processes to develop the natural gas field.
Woodside noted:
The designation reflects the proposed Browse to North West Shelf Project's strategic importance to Western Australia while providing a framework for enhanced whole-of-government facilitation and support.
The company added:
As Australia's largest undeveloped offshore gas resource, the proposed development of the Browse to North West Shelf Project represents a significant opportunity to deliver decades of energy security through domestic gas supply, the potential to support thousands of jobs, and deliver benefits to regional communities.
As for those benefits, Woodside cited independent economic impact assessments indicating that, over the long term, the project could deliver an additional $141 billion in gross domestic product (GDP) nationally and some $56 billion in taxes and royalties.
What else is happening with the ASX 200 energy stock?
Woodside shares are also in sharp focus today following this morning's release of the company's June quarter update (Q2 2026).
Amid planned maintenance and the ongoing recovery from cyclone impacts, production volume slipped 9% quarter on quarter to 41.3 million barrels of oil equivalent (MMboe).
But with Woodside enjoying a 35% lift in the average realised price to US$85 per barrel of oil equivalent, the company reported a 28% boost in operating revenue for Q2 to US$4.185 billion.
Looking ahead, Woodside provided full-year 2026 production guidance in the range of 174 MMboe to 185 MMboe.
Commenting on the results that look to be supporting Woodside shares today, CEO Liz Westcott said:
We delivered production of 41.3 million barrels of oil equivalent in the second quarter, highlighted by outstanding reliability of 99.3% at Sangomar and 99.2% at Shenzi. Sustained production performance and asset reliability have provided greater certainty around expected full-year outcomes, supporting a narrower production guidance range for 2026.
