NEW YORK, March 13, 2026, 17:41 EDT
Woodside Energy Group Ltd’s American depositary shares trading in New York edged down 0.7% to $22.19 late Friday. Brent crude, meanwhile, finished at $103.14 a barrel—topping $100 for the first time since August 2022. The S&P 500 dropped 0.6%. “Headlines were hitting markets like water from a fire hose,” said Mitch Reznick, group head of fixed income at Federated Hermes. 1
The mismatch is hitting now, with Woodside particularly vulnerable given its focus on oil and LNG, the latter moved as a super-chilled cargo by sea. Analysts at Goldman Sachs are calling for Brent to average above $100 in March and $85 in April. In a prolonged disruption scenario, they’re pegging fourth-quarter Brent at an average of $93, and say spot prices could even push beyond the 2008 high if supply remains tight through March. 2
Shock, not stability, continues to move the oil market. Reuters says the International Energy Agency is projecting an 8 million barrel per day plunge in global supply for March, following vows from Iran’s new supreme leader to block the Strait of Hormuz. 3
Still, there’s no quick fix for Woodside. Australian LNG plants are already pumping out gas close to their capacity, according to both Reuters calculations and industry watchers. “Almost no scope” exists for bumping up Australian LNG exports anytime soon, MST Marquee analyst Saul Kavonic told Reuters. 4
Company headlines haven’t disappeared beneath the broader market moves. Woodside kicked off drilling at its Trion project in Mexico, where it owns 60%. Acting CEO Liz Westcott described the drilling campaign as “a milestone” for both the field and Mexico’s deepwater play. First oil is still slated for 2028. 5
Investors have the recent earnings surprise to consider as well. Woodside reported adjusted net profit at $2.65 billion for 2025, outpacing the $2.54 billion consensus from analysts polled by Visible Alpha. The company also confirmed it’s negotiating to sell another 20% in Louisiana LNG—something KCM Trade’s Tim Waterer described as a “smart way” to unlock value from the asset while trimming balance-sheet risk. 6
Short-term volumes aren’t quite as strong as oil prices might imply. Back in January, Woodside trimmed its 2026 production guidance, even after a record output projected for 2025. The company cited scheduled maintenance at Pluto LNG and delays in fresh supply from Scarborough, which was 94% finished by the end of December. 7
Management remains undecided. Back on March 8, Bloomberg flagged BHP’s Geraldine Slattery as a possible successor for the top post. When asked, Woodside told Reuters its board still aimed to appoint a permanent chief executive within the first quarter. Analyst Kavonic added that acting CEO Liz Westcott, along with two other insiders, were also being considered. 8
The risk here is clear enough. On Thursday, Senegal’s prime minister announced plans to revisit strategic resource contracts, describing BP’s gas agreement as “unfair.” There was no fresh news on Woodside’s Sangomar field, though Woodside and Senegal are already in international arbitration after last year’s tax fight. 9
