PERTH, April 7, 2026, 04:15 AWST
Woodside Energy Group Ltd’s U.S. shares ticked up roughly 0.7% Monday, closing at $24.41 as Brent crude stuck above $109 a barrel and traders looked for alternatives to Middle East supply. Brent wrapped up at $109.77, U.S. crude at $112.40. The Australian producer remains on watch. 1
This is a key moment for Woodside. Investors are set to scrutinize whether management can actually translate stronger energy prices into delivered projects. Eyes will be on the company’s annual meeting April 23, then its first-quarter numbers April 29. Chief Executive Liz Westcott is targeting 2026 as a “big year of delivery,” with Scarborough expected to send out first LNG in the fourth quarter. RBC’s Gordon Ramsay described Westcott as a “low-risk appointment” for getting Woodside’s big operated projects across the line. 2
The broader market is carrying part of the load. OPEC+ signed off on a 206,000 barrel-per-day bump in May output quotas on Sunday, but with the Strait of Hormuz still blocked, that extra oil is mostly stuck on paper. “In reality it adds very few barrels,” said Jorge Leon at Rystad Energy. 3
Asian and European refiners are on the hunt for alternative supplies. According to Reuters, U.S. WTI cargoes bound for North Asia in July are fetching record premiums—somewhere between $30 and $40 a barrel. “Asian buyers are bidding aggressively,” Rystad’s Paola Rodriguez-Masiu told Reuters, as Atlantic Basin crude becomes the center of the action. 4
Exporters shipping cargoes outside Gulf routes have the edge here. Back in March, Reuters noted that Woodside, Santos, and Shell had pushed past broader energy indices, investors throwing support behind western gas players. Jefferies analyst Mike Wilson called the market “tighter than crude.” 5
Woodside hasn’t put its own numbers on the table yet. Back in January, the company signaled a weaker production forecast for 2026, despite hitting a record 198.8 million barrels of oil equivalent in 2025—a figure that blends oil and gas—blaming scheduled maintenance, a big Pluto LNG overhaul, and the ramp-up of Scarborough output. Jarden’s Nik Burns called the result “strong,” though he pointed out the guidance is still running short of consensus. 6
Scarborough is still the key reference point. According to Woodside, construction has passed the 94% mark, with first cargo still slated for the fourth quarter of 2026. 7
Woodside is working to diversify its earnings stream. In late March, the company assumed operational control of the Beaumont New Ammonia plant in Texas—capable of producing and exporting up to 1.1 million tonnes annually. But with construction delays at a third-party feedstock facility, lower-carbon ammonia from the site isn’t on the table until after 2026. Westcott described Beaumont as a “milestone” for Woodside, which is ramping up efforts in ammonia, mainly used for fertiliser but also promoted as a lower-carbon fuel carrier. 8
Higher prices don’t fix every headache. Woodside still faces a weaker 2026 production outlook, not to mention heavy maintenance at Pluto LNG. Louisiana LNG — greenlit in April 2025 — and Browse both come with their own regulatory and execution hurdles. In March, Woodside pulled its Browse carbon capture and storage referral, planning to resubmit it under Australia’s updated law. The CCS plan matters: Browse gas holds as much as 12% CO2, and it’s supposed to supply the ageing North West Shelf LNG plant. 6
So far, Woodside’s riding out the oil spike. The real test? Converting those higher prices into actual cash, with Scarborough, Beaumont, and Louisiana LNG all still working to hit deadlines. 7
