Woodside Energy Group Ltd (WDS)

Price$22.86Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because solid assets are offset by heavy spending and commodity swings.

At the latest verifiable U.S. close, Woodside traded at about 17 times 2025 earnings and roughly 1.3 times year-end book value using the supplied financial history. Those are not distressed valuations for a commodity producer. First-half 2026 underlying profit improved 7%, but recent earnings still depend heavily on energy prices. Scarborough offers near-term growth, while Louisiana LNG and Trion require substantial investment. The current valuation therefore appears to assume successful project delivery without unusually strong long-term oil and gas prices, supporting a Fair-priced verdict.

Big pictureCash generation remains strong, but large new projects are consuming much of that cash.

Operating cash flow rose from $5.85 billion in 2024 to $7.19 billion in 2025, showing that the producing assets can generate substantial cash. However, capital expenditure jumped from $4.90 billion to $7.97 billion, so simple cash left after running and investing in the business was negative before partner funding and other adjustments. Woodside reported adjusted free cash flow of $1.89 billion after project-partner contributions. Earnings are also cyclical: net income ranged from a $4.03 billion loss in 2020 to $6.50 billion in 2022, then $2.72 billion in 2025.

Business strengthWoodside has valuable producing assets and ample liquidity, although debt has risen with expansion.

Year-end cash increased to $5.71 billion, while current assets of $8.62 billion comfortably exceeded current liabilities of $5.42 billion. The weaker point is leverage: supplied debt rose from $4.88 billion in 2023 to $11.96 billion in 2025, leaving about $6.25 billion of net debt. Woodside nevertheless reported $9.26 billion of liquidity and 18.2% gearing, inside its 10%–20% target. Share-based compensation was only $20 million in 2025, so current dilution from employee awards is small, although the earlier BHP petroleum merger materially expanded the share base.

What could change the storySuccessful project starts could lift value, while overruns or weaker energy prices would pressure returns.

The strongest bull case is execution: Scarborough has reached first gas and targets its first liquefied natural gas cargo in the fourth quarter of 2026, adding production after years of investment. Louisiana LNG was 28% complete in August and targets 2029 startup, while Trion targets first oil in 2028. The bear case is that these projects absorb cash while commodity prices fall. Woodside expected $4.0–$4.5 billion of 2026 capital spending, and its credit outlook had already faced pressure after the Louisiana decision. Meaningful delays, cost increases, or persistent weaker realized prices would undermine today's valuation.

AI: News

Half-year profit risesHigher energy prices lifted first-half profit and the dividend, reinforcing near-term cash-generation strength.

On August 25, Woodside reported underlying first-half net profit of $1.33 billion, 7% above the comparable period and slightly ahead of the $1.32 billion analyst consensus cited by Reuters. Its average realized energy price increased to $74 per barrel of oil equivalent from $61.70. The interim dividend rose to 57 cents a share from 53 cents. The result matters because it shows how quickly stronger commodity prices can improve Woodside's earnings while it funds several large growth projects.

Scarborough reaches first gasScarborough began producing gas, reducing a major construction risk before planned exports later this year.

Woodside said on August 6 that first gas had flowed from the Scarborough field during July and that the project was 98% complete at the end of the second quarter. The company continued to target its first liquefied natural gas cargo for the fourth quarter of 2026. This is material because Scarborough is moving from a cash-consuming construction project toward a producing asset. Reaching first gas lowers commissioning risk, although the final export startup and reliable ramp-up still need to be delivered.

Louisiana construction advancesLouisiana LNG remains on budget, but its size keeps execution and financing central to the investment case.

Woodside reported on August 6 that Louisiana LNG had reached 28% completion and remained on budget, with first cargo targeted for 2029. The project represents a $17.5 billion total investment, while prior partner sell-downs reduced Woodside's expected funding burden. This progress supports the growth case because the project could materially expand future gas exports. It also remains a major risk: years of construction spending still lie ahead, so cost discipline, further partner funding and timely completion can materially affect shareholder returns.

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Revenue

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2025

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2025

Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$12.98B	$13.18B	$13.99B	$16.82B	$6.96B	$3.60B
Gross profit	$4.54B	$5.68B	$6.47B	$10.28B	$3.12B	$615.0M
Gross margin	34.94%	43.08%	46.27%	61.11%	44.77%	17.08%
Operating expenses	$647.0M	$1.16B	$3.17B	$1.09B	$1.31B	$5.79B
Operating income	$3.89B	$4.51B	$3.31B	$9.19B	$3.49B	−$5.17B
Operating margin	29.95%	34.25%	23.63%	54.62%	50.17%	−143.64%
EBITDA	$8.96B	$9.07B	$7.27B	$11.99B	$5.08B	−$3.44B
EBITDA margin	69.00%	68.79%	51.93%	71.32%	72.90%	−95.58%
Net income	$2.74B	$3.65B	$1.72B	$6.58B	$2.04B	−$3.98B
Net profit margin	21.08%	27.67%	12.31%	39.10%	29.24%	−110.42%
Basic EPSper basic share	$1.43	$1.89	$0.88	$4.30	$2.06	-$4.24
Diluted EPSper diluted share	$1.42	$1.87	$0.87	$4.26	$2.04	-$4.24

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of WDS
Holder	Shares held
MORGAN STANLEY	5.27M
GOLDMAN SACHS GROUP INC	3.74M
BlackRock, Inc.	2.86M
NORTHERN TRUST CORP	1.71M
Clearbridge Investments, LLC	1.55M
FIRST TRUST ADVISORS LP	848.1K
FMR LLC	694.48K
Quantinno Capital Management LP	654.78K
DIMENSIONAL FUND ADVISORS LP	630.67K
Creative Planning	591.87K
UBS Group AG	522.18K
JPMORGAN CHASE & CO	517.68K
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	515.46K
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO	487.5K
ENVESTNET ASSET MANAGEMENT INC	415.08K
BARCLAYS PLC	371.21K
EARNEST PARTNERS LLC	368.61K
WELLS FARGO & COMPANY/MN	341.03K
BANK OF MONTREAL /CAN/	336.89K
HOURGLASS CAPITAL, LLC	326.76K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)3$535.4K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 26, 2026Form 4	Abbotsford Mark AnthonySee Remarks	SellOrdinary Shares	7.5K	$23.94	$179.6K	9.5K
Mar 24, 2026Form 4	Abbotsford Mark AnthonySee Remarks	SellOrdinary Shares	7.5K	$23.38	$175.3K	17.0K
Mar 23, 2026Form 4	Abbotsford Mark AnthonySee Remarks	SellOrdinary Shares	7.5K	$24.06	$180.4K	24.5K

Review ownership filings at SEC.gov ↗

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Woodside Energy Group Ltd (WDS)

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