• Maintained safe and reliable operations across global portfolio
• Continued disciplined delivery of major cash-generative growth projects
• Commenced structured review to streamline decision making and improve accountability

Woodside Energy Group Ltd reported its Q1 2026 results, highlighting safe and reliable operations across its global portfolio, including 99.9% reliability at Sangomar and 99.0% at Shenzi. The company continued to execute major cash-generative growth projects, with the Scarborough Energy Project 96% complete and on track for first LNG cargo in Q4 2026. Woodside also progressed the Trion Project, which is 56% complete and targeting first oil in 2028, and the Louisiana LNG project, which remains on budget and on schedule. During the quarter, Woodside reached key milestones at Beaumont New Ammonia, achieving first ammonia cargo in February and assuming full operational control in March. Newly appointed CEO Liz Westcott stated that her focus will be on operational excellence, disciplined execution, and sustainable value creation, and the company has commenced a structured review to streamline decision making, reduce complexity, and improve accountability, without compromising safety, execution, or operational reliability.

2026 full-year guidance: Total production volumes of 172-186 MMboe, gas hub exposure of ~30%, capital expenditure of $4,000 - $4,500 million, abandonment expenditure of $500 - $800 million, exploration expenditure of ~$200 million, production costs of $1,500 - $1,800 million, feed gas, services and processing costs of $500 - $600 million, and property, plant and equipment depreciation and amortisation of $4,200 - $4,700 million.