NEW YORK, March 24, 2026, 17:11 EDT
Woodside Energy Group’s U.S. shares climbed $0.61 to $24.34 on Tuesday. Over in Australia, the main ASX listing wrapped up down A$0.06 at A$34.73, moving between A$32.93 and A$34.73 throughout the session.
The shift is notable: after Sydney wrapped, energy markets got even tighter. Brent finished up 4.55%, settling at $104.49 a barrel on ongoing disruption in the Strait of Hormuz. QatarEnergy invoked force majeure on certain long-term LNG deals, citing factors beyond its control and halting some deliveries.
The squeeze intensified after a local rival joined in. Santos announced Tuesday it had taken Darwin LNG offline for now, halting Barossa-linked exports and sending its shares down 2.6%. Australia ranks among the top LNG exporters globally and remains a key supplier for Asia.
Execution remains front and center for investors at Woodside, especially after the board tapped Liz Westcott as chief executive last week. RBC’s Gordon Ramsay described her as a “low-risk appointment.” Westcott, for her part, highlighted 2026 as a “big year of delivery.” The company is pushing to complete the $18 billion Scarborough gas project, offload a 20% stake in its $17.5 billion Louisiana LNG project, and keep Trion moving toward first production by 2028. Reuters
The Louisiana LNG project stands as the cornerstone of Woodside’s North American push. Calling the site a “key priority” for the coming months, Westcott said the company is actively looking for more partners to come aboard. Reuters
Oil’s premium doesn’t look set to disappear anytime soon, according to analysts. “The reality on the ground is unchanged,” noted Nikos Tzabouras at Tradu.com. Kenny Zhu at Global X flagged the risk that what start as short-term shipping headaches could morph into more lasting supply trouble if fighting continues. Reuters
But the move isn’t without risk. Brent tumbled 10.9% on Monday after Donald Trump announced he’d postpone strikes on Iranian power plants, pointing to advances in negotiations with Tehran. Goldman Sachs weighed in as well, warning that a halt to U.S. military action might rapidly strip away the risk premium.
Woodside heads toward 2026 facing a more subdued operating environment than its share price implies. Back in January, it signaled production would dip—maintenance at Pluto LNG is weighing, and extra volumes from Scarborough aren’t arriving yet. By year-end, Scarborough had reached 94% completion, still tracking for initial LNG production in the last quarter of 2026.
