PERTH, June 20, 2026, 01:02 AWST
- Woodside ended the day at A$29.03 on Friday, gaining 1.43%. But shares remain roughly 7% under last Friday’s finish.
- Crude swung close to US$80 a barrel. Some traders pointed to the reopening of shipping in the Strait of Hormuz, which helped cool supply worries.
- Woodside doesn’t report again until July 29. In the meantime, oil moves, takeover talk and the Browse deal are likely to set the tone.
Australian stocks didn’t trade as the market was shut for the weekend. Woodside Energy Group (WDS) finished Friday at A$29.03, up 41 cents for the day. The stock dropped from A$31.23 a week ago. Losses were heavy on Monday, Wednesday and Thursday.
Woodside bounced Friday in a weak market. The S&P/ASX 200 lost 0.92% to end at 8,828.70. Shares in Santos and Ampol both slipped. That gap points to some investors targeting Woodside after its big fall this week instead of betting on energy stocks across the board.
Woodside pushed back on takeover talk to start the week, saying it is “not aware of any proposal” involving Exxon Mobil or any deal talks with the U.S. oil major. Shares listed in New York had surged 8.35% on June 12 after a report tied Exxon to a potential buyout. Reuters
That difference was key. The first report said Exxon was looking at several targets, not that it had made a bid. After Woodside replied, much of the bid premium in the stock dropped out. Traders shifted focus back to crude prices and spending on projects.
Oil kept pressure on the market. Brent crude was last seen at US$80.05 a barrel in Friday trading but is set for a weekly drop of over 8% as more tankers are getting through Hormuz and regional ceasefire talks have eased some supply worries. Phil Flynn, senior analyst at Price Futures Group, said the tanker backlog “can move quicker than some people think.” LNG — gas cooled for shipping — also ships through the strait in big volumes. Reuters
Woodside’s move on Browse became a stock-specific focus. The company used a pre-emption right to match a planned sale by PetroChina, picking up the latter’s 10.67% slice in the offshore gas project. That could bring Woodside’s holding up to 41.27%, still waiting on sign-off. MST Marquee analyst Saul Kavonic said shareholders “are not keen on Woodside developing Browse,” pointing to worries around the heavy costs tied to the stalled project. Reuters
Woodside’s base looks steady. First-quarter revenue came in at US$3.26 billion, topping analyst forecasts even after cyclone hits. The average realised price climbed to US$63 a barrel of oil equivalent. The company stuck with its 2026 output guidance of 172 million to 186 million barrels and has launched a business review. Marc Jocum at Global X ETFs said investors want “at least mid-single-digit efficiency gains” from the process. Reuters
Woodside has no earnings report set for the week ahead. Traders will keep watching Gulf oil shipments and watch for any updates from Exxon or news about the Browse stake deal. The company’s next official report is the Q2 release on July 29.
But there are risks both ways. If Hormuz stays open, the cut in geopolitical premium could keep hurting crude, pulling down Woodside’s near-term outlook and shares. Citi has a scenario where Brent drops to US$60-US$65 by early 2027. Any breakdown in regional talks or a takeover bid would flip that fast, but neither is the base case yet.
