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$32.00
▼(-2.23% Downside)
Action:Reiterated
Date: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
Balance sheet & liquidity
Woodside's strong liquidity position and sub‑20% gearing provide durable financial flexibility to fund large project capex, withstand commodity cycles and sustain distributions. Investment‑grade status lowers funding costs and supports partner negotiations and contingency planning over coming years.
Negative Factors
Revenue decline trend
A multi‑year revenue decline signals structural headwinds from weaker realised prices or volume mix, reducing margin stability. Persistent top‑line pressure makes funding large capex and maintaining payouts more reliant on cost discipline, hedges or asset sales over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet & liquidity
Woodside's strong liquidity position and sub‑20% gearing provide durable financial flexibility to fund large project capex, withstand commodity cycles and sustain distributions. Investment‑grade status lowers funding costs and supports partner negotiations and contingency planning over coming years.
Read all positive factors
Woodside Energy Group (WDS) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$55.13B
Dividend Yield7.16%
Average Volume (3M)4.75M
Price to Earnings (P/E)13.7
Beta (1Y)0.44
Revenue Growth-5.14%
EPS Growth-22.20%
CountryAU
Employees4,718
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)1.44
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$31.39Price Target Upside-4.08% Downside
Rating ConsensusHold
Number of Analyst Covering9
EPS Forecast (FY)2.1
Revenue Forecast (FY)AU$15.55B
Woodside Energy Group Business Overview & Revenue Model
Company Description
Woodside Energy Group Ltd, an Australian enterprise headquartered in Perth, operates as an integrated energy company on a global scale. Its activities encompass the full spectrum of the hydrocarbon value chain, from initial exploration and apprais...
How the Company Makes Money
Woodside primarily makes money by producing and selling hydrocarbons from its operated and non-operated oil and gas interests. Its main revenue streams include: (1) LNG sales—gas produced from its fields is processed into LNG and sold under long-t...
Woodside Energy Group Earnings Call Summary
Earnings Call Date:Feb 23, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 25, 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 | 13.73B | 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
Negative
32.73
Price Trends
31.49
Negative
30.34
Negative
26.78
Positive
Market Momentum
-0.62
Positive
36.96
Neutral
9.08
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:WDS, the sentiment is Negative. The current price of 32.73 is above the 20-day moving average (MA) of 30.60, above the 50-day MA of 31.49, and above the 200-day MA of 26.78, indicating a neutral trend. The MACD of -0.62 indicates Positive momentum. The RSI at 36.96 is Neutral, neither overbought nor oversold. The STOCH value of 9.08 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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$55.13B | 13.73 | 7.67% | 7.16% | -5.14% | -22.20% | |
68 Neutral | AU$2.20B | -19.32 | -3.66% | 7.72% | 11.40% | -225.74% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | AU$23.66B | 20.02 | 5.26% | 6.00% | -5.72% | -31.55% | |
62 Neutral | AU$1.02B | 5.79 | 12.44% | 4.74% | -17.21% | 8.09% | |
51 Neutral | AU$377.94M | -2.32 | -46.22% | ― | -0.51% | -756.45% | |
47 Neutral | AU$1.74B | -12.82 | -18.28% | ― | ― | ― |
* Energy Sector Average
AU:WDS
Woodside Energy Group
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20.51%
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Woodside Energy Group Corporate Events
Woodside Issues New Unquoted Rights Under Employee Incentive Scheme
May 12, 2026
Woodside Energy Group has issued 119,926 unquoted rights under its employee incentive scheme, with the securities recorded under ASX code WDSAL and an issue date of May 5, 2026. The move reflects the company’s ongoing use of equity-based com...
Woodside Discloses Change in Director Liz Westcott’s Equity Interests
May 12, 2026
Woodside Energy has disclosed a change in the interests of director Elizabeth (Liz) Morton Westcott, in line with Australian listing rule requirements for director shareholdings. The filing shows that on 5 May 2026 she acquired 119,926 performance...
Woodside Advances LNG and Oil Growth Projects as New CEO Targets Leaner Operations
Apr 29, 2026
Woodside Energy reported first-quarter 2026 production of 45.2 million barrels of oil equivalent, down 8% from the prior quarter due to cyclone-related disruptions, but highlighted exceptional reliability at core assets and an 11% rise in realised...
Woodside Energy Discloses Final Director Interest as Ian Macfarlane Departs Board
Apr 24, 2026
Woodside Energy Group has announced a change to its board, confirming that director Ian Elgin Macfarlane ceased to be a director on 23 April 2026. The filing notes that Macfarlane held 1,250 ordinary fully paid shares directly, and the disclosure,...
Woodside Investors Back Board and Pay at 2026 AGM
Apr 23, 2026
Woodside Energy shareholders endorsed all board-related resolutions at the 2026 annual general meeting, re-electing directors Larry Archibald, Swee Chen Goh, Arnaud Breuillac and Angela Minas, and electing Mark Cutifani, all with strong voting maj...
Woodside lodges AGM speeches from chair and CEO with market
Apr 23, 2026
Woodside Energy Group has released an announcement noting that chair Richard Goyder and chief executive Liz Westcott have delivered their addresses to the company’s annual general meeting. The company confirmed the AGM speeches have been lod...
Woodside Reports Lapse of Equity and Performance Rights
Apr 9, 2026
Woodside Energy Group has notified the market of the cessation of several classes of equity-based incentive securities, including WEP Equity Rights, Performance Rights and SWEP Equity Rights. The instruments, totaling more than 350,000 rights, hav...
Woodside Issues 77,089 New Shares After Conversion of Unquoted Securities
Apr 9, 2026
Woodside Energy Group has issued a total of 77,089 new fully paid ordinary shares following the exercise or conversion of previously unquoted securities. The new shares, issued in two tranches dated 7 March 2026 and 25 March 2026, marginally incre...
Woodside Issues New Unquoted Employee Incentive Rights
Apr 9, 2026
Woodside Energy Group has notified the market of the issue of 443,720 unquoted rights under an employee incentive scheme, recorded as WDSAL rights on the ASX. The rights, which are not intended to be quoted, were issued on two dates in February an...
Woodside Takes Control of Texas Ammonia Plant to Bolster New Energy Push
Mar 25, 2026
Woodside Energy has taken operational control of the Beaumont New Ammonia facility in southeast Texas from OCI Global after completing performance testing, consolidating an asset acquired through its 2024 purchase of OCI Clean Ammonia Holding. The...
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.
Disclaimer
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.