en.Wedoany.com Reported - Woodside Energy has released its second quarter 2026 operating report, with quarterly operating revenue of $4.18 billion (A$6.101 billion), up 28% from $3.27 billion in the same period in 2025.
The oil and gas company, dual-listed on the Australian Securities Exchange and the New York Stock Exchange, achieved an average realized price of $85 per barrel of oil equivalent in the second quarter, up 44% from $59 per barrel of oil equivalent in the same period last year. Quarterly production was 41.3 million barrels of oil equivalent, down 18% from 50.1 million barrels of oil equivalent in the second quarter of 2025. As of June 30, 2026, the company's liquidity stood at approximately $8.2 billion, following the repayment of a $600 million syndicated term loan; net debt (including lease liabilities) was approximately $9.3 billion, with a leverage ratio of 21%.
Multiple projects under construction are progressing as planned. The Scarborough Energy Project in Australia has reached 98% overall completion, remains within budget, and is on track to deliver first liquefied natural gas (LNG) cargo in the fourth quarter of 2026. The Trion project in the Gulf of Mexico is 64% complete, targeting first oil in 2028. The Louisiana LNG Project in the United States is 28% complete, with Train 1 at 35% completion, targeting first LNG production in 2029.
In production operations, both Sangomar and Shenzi achieved operational reliability above 99%, with Sangomar continuing to run near nameplate capacity at 99,000 barrels per day. North West Shelf Project LNG and Pluto LNG recorded reliability above 97%. Pluto LNG carried out planned maintenance activities, including key integration work for the Scarborough project. North West Shelf Project achieved LNG reliability of 97.8% for the quarter and has approved the rig contract for the Greater Western Flank Phase 4 project, with drilling operations scheduled to commence in the second quarter of 2027.
Woodside Chief Executive Officer Liz Westcott said the second quarter delivered production of 41.3 million barrels of oil equivalent, with Sangomar and Shenzi achieving reliability of 99.3% and 99.2% respectively, and that sustained production performance and asset reliability support the narrowing of the company's 2026 production guidance range. She also noted that strong realized prices underpinned earnings and cash generation, demonstrating the resilience of the diversified portfolio amid macroeconomic and commodity price volatility.
In other Australian blocks, subsea construction for the Julimar Development Phase 3 project was completed during the quarter, targeting start-up in the second half of 2026. Wheatstone LNG production experienced unplanned downtime due to severe tropical cyclone Narelle, with repair work completed in April 2026. Decommissioning of three Julimar-Brunello exploration wells has commenced, a precondition for the asset swap with Chevron, which is targeted for completion in the fourth quarter of 2026. Drilling of the remaining three wells for the Turrum Phase 3 project has been completed, targeting first production in the first half of 2027. Earlier this month, ExxonMobil transferred operatorship of the Gippsland basin assets to Woodside. The Okha floating production storage and offloading (FPSO) vessel completed planned shipyard work, and oil production from the Pyrenees FPSO partially resumed following cyclone damage. In addition, the company signed five long-term charters for LNG carriers during the quarter to support the Louisiana LNG project.
