Woodside Energy Group Ltd (AU:WDS)
ASX:WDS
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Woodside Energy Group
(Sydney:WDS)
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Rating:72Outperform
Price Target:
AU$37.00
â–²(7.62% Upside)
Action:ReiteratedDate:03/20/26
The score is driven primarily by solid financial strength tempered by recent cash flow deterioration (negative 2025 annual free cash flow) and higher 2025 debt, alongside strong technical momentum but overbought signals. Valuation is supportive (low P/E and ~4.9% yield), and the earnings call was constructive with strong operations and project progress, though 2026 execution and tax uncertainty remain key risks.
Positive Factors
Project execution and pipeline
Advanced, near‑term project delivery materially increases prospective production and reserve conversion. Scarborough timing (first cargo Q4 2026) and staged Louisiana/Trion progress support multi‑year supply growth and long‑term cash generation as projects enter production.
Negative Factors
Rising debt and negative free cash flow
Higher debt alongside a swing to negative free cash flow weakens financial optionality: it constrains funds for dividends, buybacks, and debt reduction, increases reliance on external financing or asset sell‑downs, and raises sensitivity to lower commodity prices or cost overruns.
Read all positive and negative factors
Positive Factors
Negative Factors
Project execution and pipeline
Advanced, near‑term project delivery materially increases prospective production and reserve conversion. Scarborough timing (first cargo Q4 2026) and staged Louisiana/Trion progress support multi‑year supply growth and long‑term cash generation as projects enter production.
Read all positive factors
Woodside Energy Group (WDS) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$65.29B
Dividend Yield7.16%
Average Volume (3M)4.75M
Price to Earnings (P/E)10.6
Beta (1Y)0.62
Revenue Growth17.13%
EPS Growth61.35%
CountryAU
Employees4,718
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)1.07
Shares Outstanding1,901,100,100
10 Day Avg. Volume4,068,881
30 Day Avg. Volume4,748,104
Financial Highlights & Ratios
PEG Ratio-0.51
Price to Book (P/B)0.83
Price to Sales (P/S)2.22
P/FCF Ratio-20.56
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$28.07Price Target Upside-18.35% Downside
Rating ConsensusHold
Number of Analyst Covering10
EPS Forecast (FY)1.34
Revenue Forecast (FY)AU$13.13B
Woodside Energy Group Business Overview & Revenue Model
Company Description
Woodside Energy Group Ltd engages in the exploration, evaluation, development, production, marketing, and sale of hydrocarbons in Oceania, Asia, Canada, Africa, and internationally. The company produces liquefied natural gas, pipeline natural gas,...
How the Company Makes Money
Woodside makes money primarily by producing and selling hydrocarbons—especially LNG, as well as pipeline natural gas, crude oil, condensate, and natural gas liquids (NGLs). Revenue is generated when Woodside (often as operator and/or non-operating...
Woodside Energy Group Earnings Call Summary
Earnings Call Date:Feb 23, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 19, 2026
Earnings Call Sentiment Positive
The call communicated a broadly positive operational and financial performance: record production, strong cash generation ($1.9bn), reduced unit costs (-4%), major projects (Scarborough 94% complete; Louisiana LNG and Trion advancing), and achievement of a 15% net equity emissions reduction. Management also emphasized balance sheet strength (gearing 18.2%, $9.3bn liquidity) and continued shareholder returns (80% payout ratio). Countervailing near-term challenges include lower realized prices, a capital-intensive 2026 with major maintenance (Pluto turnaround) and tie-ins that will pressure costs and production timing, Sangomar’s commencement of decline, tax (PRRT) uncertainty, and reliance on further sell-downs/partnering to reduce capex exposure. On balance the positives — strong execution, cash flow, project progress and disciplined capital management — materially outweigh the manageable near-term risks and uncertainties.Positive Updates
Record Production
Achieved record annual production of 198.8 million barrels of oil equivalent (boe), exceeding full year guidance and driven by Sangomar and strong portfolio reliability.
Negative Updates
Lower Realized Prices
Underlying NPAT of $2.6 billion was achieved despite lower realized prices versus full year 2024, indicating price headwinds partially offset by higher production.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Production
Achieved record annual production of 198.8 million barrels of oil equivalent (boe), exceeding full year guidance and driven by Sangomar and strong portfolio reliability.
Read all positive updates
Company Guidance
The call set out clear near‑term guidance and project timing: Scarborough was 94% complete and remains on track for first LNG cargo in Q4 2026; Louisiana LNG was 22% complete with first LNG targeted in 2029 (Woodside’s expected share of project capex now ~$9.9bn or <60% after sell‑downs, Stonepeak funding ~75% of 2025–26 capex and BP contracted up to 640 bcf from 2029); Trion was ~50% complete targeting first oil in 2028; Beaumont achieved first ammonia in Dec 2025 with handover H1 2026 and lower‑carbon ammonia targeted H2 2026; a major Pluto turnaround is scheduled in Q2 2026 and decommissioning spend is guided at $500–800m in 2026. Financially, Woodside has hedged ~18 million barrels for 2026 at ~ $70, reports a cash breakeven of < $34/barrel, targets gearing of 10–20% (actual 18.2%) with $9.3bn liquidity, expects Woodside‑share capex of $9.9bn, and retains dividend flexibility within a 50–80% payout policy (2025 payout ~80%: final dividend $0.59/share, FY dividend $1.12/share, total dividends ~ $2.1bn); 2025 baselines cited to frame guidance include record production of 198.8 million boe, underlying NPAT $2.6bn, free cash flow $1.9bn, EBITDA margin >70%, unit production cost $7.80/boe (4% reduction YoY), and ~75% of LNG volumes contracted for 2026–28 (4.7 Mt new LNG contracted).Woodside Energy Group Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
76
Positive
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 13.41B | 13.18B | 13.99B | 16.82B | 6.96B |
| Gross Profit | 3.98B | 5.68B | 6.47B | 10.28B | 3.12B |
| EBITDA | 9.20B | 9.47B | 8.70B | 10.41B | 4.12B |
| Net Income | 2.81B | 3.57B | 1.66B | 6.50B | 1.98B |
Balance Sheet | |||||
| Total Assets | 66.55B | 61.26B | 55.36B | 59.32B | 26.47B |
| Cash, Cash Equivalents and Short-Term Investments | 5.72B | 4.11B | 1.95B | 6.88B | 3.35B |
| Total Debt | 15.33B | 11.62B | 6.50B | 6.77B | 6.80B |
| Total Liabilities | 26.68B | 25.11B | 20.19B | 22.19B | 12.24B |
| Stockholders Equity | 35.94B | 35.40B | 34.40B | 36.34B | 13.44B |
Cash Flow | |||||
| Free Cash Flow | -1.45B | 945.00M | 854.00M | 5.67B | 1.17B |
| Operating Cash Flow | 6.71B | 5.85B | 6.14B | 8.81B | 3.79B |
| Investing Cash Flow | -4.52B | -5.75B | -5.58B | -2.27B | -2.94B |
| Financing Cash Flow | -362.21M | 2.10B | -5.00B | -3.36B | -1.42B |
Woodside Energy Group Technical Analysis
Positive
34.38
Price Trends
27.34
Positive
25.53
Positive
24.44
Positive
Market Momentum
2.06
Negative
74.96
Negative
83.46
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WDS, the sentiment is Positive. The current price of 34.38 is above the 20-day moving average (MA) of 31.50, above the 50-day MA of 27.34, and above the 200-day MA of 24.44, indicating a bullish trend. The MACD of 2.06 indicates Negative momentum. The RSI at 74.96 is Negative, neither overbought nor oversold. The STOCH value of 83.46 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:WDS.
Woodside Energy Group Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | AU$65.29B | 10.61 | 7.67% | 7.16% | 17.13% | 61.35% | |
71 Outperform | AU$1.42B | 3.37 | 15.02% | 4.74% | -17.02% | -35.47% | |
68 Neutral | AU$2.92B | 4.48 | -3.66% | 7.72% | 17.16% | 90.79% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | AU$25.44B | 15.76 | 5.26% | 6.00% | -5.81% | -17.90% | |
49 Neutral | AU$1.14B | -30.28 | -21.66% | ― | ― | ― | |
48 Neutral | AU$359.94M | -7.29 | -46.22% | ― | 59.48% | -1714.71% |
* Energy Sector Average
AU:WDS
Woodside Energy Group
34.47
12.28
55.35%
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Woodside Energy Group Corporate Events
Woodside Publishes 2026 AGM Notice and Shareholder Materials
Mar 20, 2026
Woodside Energy Group has released its Notice of Annual General Meeting for 2026, along with the associated voting form and a letter to shareholders, in line with securities exchange listing requirements. The meeting is scheduled for 10:00 a.m. AW...
Woodside Energy Appoints Mark Cutifani as Director, Files Initial Interest Notice
Mar 18, 2026
Woodside Energy Group has announced the appointment of Mark Cutifani as a director, effective 19 March 2026, and lodged an Initial Director’s Interest Notice in line with ASX listing requirements. The filing confirms that Cutifani currently ...
Woodside Discloses New Director Elizabeth Westcott’s Equity Interests
Mar 17, 2026
Woodside Energy Group has notified the market of an initial director’s interest following the appointment of Elizabeth (Liz) Morton Westcott to its board on 18 March 2026. The filing discloses that Westcott holds 220,394 performance rights i...
Woodside appoints Liz Westcott as new CEO to drive growth and performance
Mar 17, 2026
Woodside Energy has appointed Elizabeth (Liz) Westcott as Chief Executive Officer and Managing Director, following her tenure as Acting CEO since December 2025 and senior roles overseeing Australian operations including the Scarborough Energy Proj...
Woodside Stresses Governance and Discipline in Sustainability Strategy
Mar 16, 2026
Woodside Energy used its 2026 sustainability briefing to emphasize that sustainability is embedded in its strategy and overseen at board level, with a dedicated Sustainability Committee guiding risk management, target-setting and disclosures. The ...
Woodside Puts Sustainability at Core of Strategy in 2026 Briefing
Mar 15, 2026
Woodside Energy Group used its 2026 Sustainability Briefing to emphasise that sustainability is central to its corporate strategy and a key driver of long-term shareholder value. Acting CEO Liz Westcott highlighted that strong governance and risk ...
Woodside Energy Reports Lapse of 16,154 Performance Rights
Mar 12, 2026
Woodside Energy Group has notified the market that 16,154 performance rights under the ASX code WDSAB have lapsed. The lapse occurred because the conditions attached to these conditional rights were not met or became incapable of being satisfied, ...
Woodside Energy Issues New Shares on Conversion of Unquoted Securities
Mar 12, 2026
Woodside Energy Group has notified the market of a small issuance of 11,183 ordinary fully paid shares following the conversion or exercise of previously unquoted securities. The new shares, issued on March 9, 2026, represent a routine equity adju...
Woodside Updates Dividend Currency Conversion Details for 2025 Payout
Mar 11, 2026
Woodside Energy Group has updated its previously announced dividend notification for its ordinary fully paid shares, relating to the six‑month period ending 31 December 2025. The company has now disclosed the exchange rates and methodology u...
Woodside Issues 643,995 Unquoted Rights Under Employee Incentive Plan
Mar 6, 2026
Woodside Energy Group has notified the market of the issue of 643,995 unquoted rights under its employee incentive scheme, with an effective issue date of March 2, 2026. The rights, which will not be quoted on the ASX, reflect the company’s ...
Woodside Director Increases Indirect Shareholding Under Board Share Plan
Mar 4, 2026
Woodside Energy Group has reported a change in the indirect equity holdings of non-executive director Lawrence (Larry) Eben Archibald via the company’s Non-Executive Directors’ Share Plan. Archibald acquired 560 additional ordinary sha...
Woodside Delivers Record 2025 Output and Advances Global LNG Expansion
Feb 24, 2026
Woodside reported record 2025 annual production of 198.8 million barrels of oil equivalent, exceeding guidance on the back of strong performance at Sangomar and high reliability across its portfolio. Underlying net profit after tax reached $2.6 bi...
Woodside lodges updated corporate governance statement and Appendix 4G
Feb 23, 2026
Woodside Energy Group has confirmed the release of its updated corporate governance statement for the financial year ended 31 December 2025, with disclosures available both in its annual report and on its website. The statement, current and board-...
Woodside Energy Declares Semi-Annual Dividend of USD 0.59 Per Share
Feb 23, 2026
Woodside Energy Group has declared a dividend of USD 0.59 per ordinary fully paid share, relating to the six‑month period ended 31 December 2025. The distribution will be paid on 27 March 2026 to shareholders on the register as of the 6 Marc...
Woodside Releases 2025 Annual Report with Emphasis on Data and Disclosure Limits
Feb 23, 2026
Woodside Energy Group has released its 2025 Annual Report, providing a summary of its operations, activities, and financial position for the year ended 31 December 2025. The report outlines how the company compiles data on emissions, uses non̴...
Woodside Delivers Record Output as Flagship LNG and Ammonia Projects Advance
Jan 27, 2026
Woodside Energy Group reported record full-year 2025 production of 198.8 million barrels of oil equivalent, exceeding guidance, underpinned by strong reliability at key assets including Sangomar, Shenzi, Pluto LNG and the North West Shelf. Despite...
Woodside Energy Adjusts Capital Structure as Equity Rights Lapse
Jan 13, 2026
Woodside Energy Group has notified the market of the cessation of certain equity rights securities, identified as WEP Equity Rights, which form part of its issued capital structure on the ASX. The ceased securities include tranches that ended for ...
Woodside Energy Issues 2.37 Million Shares on Conversion of Unquoted Securities
Jan 13, 2026
Woodside Energy Group has notified the market of the issue and transfer of 2,365,837 ordinary fully paid shares following the exercise or conversion of previously unquoted equity securities. The new shares, issued on 22 December 2025 and 27 Octobe...
Woodside Energy to Issue 5.5 Million Unquoted Rights Under Employee Incentive Scheme
Jan 13, 2026
Woodside Energy Group has notified the market of the planned issue of 5,492,614 unquoted rights securities under its employee incentive scheme, with an issue date of 3 November 2025. The move underscores the company’s continued use of equity...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.