Perth, June 24, 2026, 02:03 (AWST)
Woodside Energy Group ended down 0.4% at A$28.65 on Tuesday, reversing after an early dip that saw the stock fall 1.5% to A$28.35, the lowest point since June 19, even as it announced a fresh domestic gas deal with Alcoa of Australia.
ASX 200 drops as crude leads sentiment
The S&P/ASX 200 lost 0.33% to finish at 8,787. Moves in crude prices gave investors the main cue, as U.S.-Iran peace talk headlines pressured oil and other commodities.
Woodside is set to deliver 31.1 petajoules of gas to Alcoa from its operations in Western Australia, with shipments running from 2027 to 2030. One petajoule equals one quadrillion joules, a standard measure in wholesale energy.
Woodside is still delivering gas into Western Australia, chief commercial officer Mark Abbotsford said, “supporting local industries.” The supply is going to Alcoa’s alumina plants in the state, according to the company. LNG Industry
Woodside turned out 90.3 petajoules of natural gas in Western Australia in 2025, amounting to roughly 21% of local supply. The company said it was still talking with customers about more deliveries after 2026.
The deal uses the Pluto-Karratha Gas Plant Interconnector. In December, Western Australia gave more time for the plant to operate, so more Pluto gas can run through Woodside’s Karratha facility.
Santos picked up 0.1% at A$7.31, after saying it has started continuous production from Pikka Phase 1 in Alaska. The project’s initial wells are putting out about 20,000 barrels a day. Beach Energy slipped 1.1%. Karoon Energy was up 1.1%.
Woodside’s key project test is still Scarborough off Western Australia. That project is now over 96% done and the company is aiming to ship its first LNG cargo in the fourth quarter of 2026.
Brent slipped 1.1% to $77.03 a barrel in New York after dropping over 3% Monday. The risk is oil could fall further if Strait of Hormuz shipping gets back to normal. SEB Research analyst Ole Hvalbye called the U.S.-Iran situation “new and fragile.” Tamas Varga at PVM Oil Associates pointed to “damaged ports, debris in the water, and congestion” as possible drags on any recovery in traffic. Reuters
Woodside picked up extra contracted demand with the Alcoa deal, but didn’t say what it’s getting for the sales. Markets will watch crude prices and when Scarborough starts production, since it’s still unclear how much the Alcoa agreement will add to profits.
