PERTH, April 28, 2026, 04:09 (AWST)
- Woodside Energy shares on the ASX slid 1.47% Monday, just ahead of its first-quarter report due in two days.
- Last week’s AGM saw 34.52% of votes come out against the CEO’s FY26 long-term incentive award — and now the update follows.
- Australian energy shares have been on a turbulent ride, and now investors are zeroing in on output, the schedule for Scarborough, and whether Louisiana LNG gets its funding.
Woodside Energy Group dropped 1.47% to finish at A$32.13 on Monday, as investors braced for the company’s first-quarter results due April 29. New CEO Liz Westcott is already under scrutiny, coming off a major protest vote on pay.
This update lands at a crucial moment, testing whether Australia’s top oil and gas player is tracking toward its 2026 production target after flagging weaker output for this year back in January. Woodside posted a record 198.8 million boe in 2025—boe blending both oil and gas—but has already cautioned that 2026 numbers will take a hit, thanks to planned maintenance at Pluto LNG and the rollout schedule for new Scarborough supply.
Investors will be looking at those figures in light of recent governance moves. At Woodside’s AGM, 34.52% of shareholders came out against the FY26 long-term incentive award for the CEO and managing director; 18.31% voted down the remuneration report. Even so, every resolution cleared the hurdle.
HESTA came out against Woodside’s remuneration report, opposed the CEO share-rights grant, and voted down two director re-elections. “In our assessment the remuneration package constructed for incoming CEO Liz Westcott is not adequately justified,” Chief Executive Debby Blakey said. Blakey also flagged concerns about transition risk, arguing Woodside’s push to expand oil and gas isn’t backed up by a clear enough strategy. HESTA
Pay wasn’t the only flashpoint. MST Marquee analyst Saul Kavonic told Reuters the vote suggested deeper worries about governance since the new leadership took over. “Questions about Woodside’s inconsistent narrative regarding board disclosures” have become an issue, he said. Reuters
Woodside is steering the conversation back toward execution. CEO Liz Westcott told shareholders her priority is “disciplined delivery”—keeping operations safe and hitting budget and timelines for major expansion. The Scarborough project, she said, still aims for first LNG cargo in the fourth quarter. Louisiana LNG’s debut is pegged for 2029. LNG—liquefied natural gas—is gas cooled to a liquid state for tanker shipping. Business Wire
These projects are key to the investment story. Woodside reported Scarborough reached 94% completion by the end of December, still targeting initial LNG production in the fourth quarter. Over in North America, Louisiana LNG is central to the company’s expansion push.
Santos, the country’s second-largest oil and gas player, has put its Q1 results on the table. The company stuck with its full-year production and sales guidance, shrugging off a temporary shutdown and some weather trouble. Shares gained ground as investors brushed aside the revenue shortfall, focusing instead on new projects in the pipeline, Reuters reported.
Woodside faces a familiar challenge: keeping Scarborough on track, maintaining output, and reassuring investors about the big Louisiana LNG outlay. The valuation leans hard on expectations for Asian gas demand years out—while climate-conscious shareholders push for quicker movement beyond fossil fuels.
Still, the risk hangs over the story. Lower realised prices, holdups at key projects, tighter tax or gas rules out of Australia, or another round of shareholder pushback, any of these could undercut management’s pitch that the balance sheet is solid and growth is ticking along as planned. Woodside flagged as much in its own AGM documents, noting that forward-looking statements face risks and results may end up diverging from expectations.
The market’s focus has narrowed to a single question. Following the pay revolt, what Woodside needs from its first-quarter report is dullness—the good kind. Stable production, no new surprises on costs, and the schedule staying tight. That’s it.
