실적분석 2026년 8월 24일

Woodside Energy ($WDS) 1H 2026 Earnings Analysis — Final Figures Pending Immediately After Release; Scarborough’s First Cargo Is Key

Earnings Scorecard

Revenue: Final first-half figure not yet disclosed (reference: second-quarter 2026 operating revenue of $4.185 billion, up 28% from the previous quarter / quarterly estimate: $3.613 billion) — assessment pending

EPS (earnings per share): Final first-half figure not yet disclosed — assessment pending

Guidance: Not yet provided (pending confirmation from the first-half release) — 2026 full-year production of 174–185 MMboe and capital expenditure of $4.0–$4.5 billion (based on the second-quarter report dated July 29, 2026)

Share-price reaction: -1.81% after hours ($23.39) — as of 05:51 KST on August 25

Positive Factors

Average realized price of $85 per barrel of oil equivalent: In the second quarter of 2026, the price recovered, rising 35% from the previous quarter

Scarborough 98% complete: On track and within budget, targeting the first liquefied natural gas cargo in the fourth quarter of 2026

Sangomar operating rate above 99%: The Senegal field is operating close to its facility design capacity

Production declined due to planned maintenance at Pluto Train 1 and the effects of a cyclone, but prices rose by more than the drop in output. As a result, second-quarter operating revenue increased 28% from the previous quarter. The lower end of full-year production guidance was raised from 172 MMboe to 174 MMboe, indicating confidence in second-half volumes.

Negative Factors

Second-quarter production of 41.3 MMboe: Down 9% from the previous quarter, reflecting planned maintenance and weather-related effects

Funding burden of major projects: The 2026 capital expenditure plan of $4.0–$4.5 billion remains unchanged

Long lead time before results become visible: Louisiana LNG is 28% complete, with first shipment targeted for 2029

Triton is 64% complete and targeting first oil in 2028, while Louisiana targets its first LNG in 2029. Capital is being deployed now, but cash flow is not expected to return for several years, leaving dividend capacity dependent on where oil and gas prices stand in the interim.

What the Company Said

In its second-quarter report, the company highlighted stable operations at Sangomar and progress on the Scarborough project, while narrowing its full-year production guidance range and raising the lower end. The market believes it will need to see first-half net income and the interim dividend before determining how much of this momentum will accrue to shareholders.

Market Reaction and Key Points Ahead

Because finalized results have not yet been released, after-hours trading appears to reflect oil-price movements and investor positioning ahead of the announcement rather than an assessment of performance.

Where the first-half net income and interim dividend place the payout ratio within the 50%–80% range

Whether Scarborough’s first LNG cargo actually departs within the fourth quarter of 2026

How far net debt and gearing rise as capital is deployed into major projects