SYDNEY, March 23, 2026, 03:00 AEDT
Woodside Energy Group is likely to draw attention in Monday’s Australian session, with Brent crude having ended Friday at levels last seen in July 2022. Reports say Canberra is looking into a possible tax targeting gas windfall profits. Shares of Woodside last settled at A$34.04, up 1.0% on the day and showing a 9.7% gain over the past five sessions. 1
Why does it matter? Woodside finds itself at the intersection of surging oil and LNG prices and growing calls from lawmakers to extract more from exporters before Australia’s May budget. Asia spot LNG has jumped—Reuters notes prices have doubled to three-year highs since the U.S.-Israeli war on Iran kicked off. Last year, Australia exported A$65 billion worth of LNG. On Friday, ABC said Prime Minister Anthony Albanese instructed Treasury to weigh possible gas windfall taxes and tweaks to the Petroleum Resources Rent Tax, the main levy on offshore profits. Any shift would also hit Santos, Chevron, and others. Australian Energy Producers CEO Samantha McCulloch warned such a move, in her words, would land at the “worst possible time” for both investment and energy security. 2
Oil makes up the rest of the picture. Brent finished at $112.19 a barrel on Friday, climbing 3.26% for the session and posting an 8.8% weekly gain. Reuters flagged more upside as analysts brace for renewed U.S. and Iranian threats targeting energy infrastructure when trading resumes. “It’s a ticking time bomb under markets,” said IG’s Tony Sycamore, after the latest U.S. warning. More escalation spells “higher oil prices,” Energy Aspects founder Amrita Sen told Reuters. 3
Woodside has its own narrative playing out alongside broader market moves. Last week, the company named Liz Westcott as permanent chief executive. Westcott flagged the Louisiana LNG project as a top focus in the months ahead, with Woodside seeking additional investors. She’s also described 2026 as a “big year of delivery.” 4
Westcott faces a hefty to-do list: wrap up the $18 billion Scarborough gas project, move forward with selling that 20% piece of the $17.5 billion Louisiana LNG venture, and make sure the Trion oil development stays on schedule for 2028. RBC’s Gordon Ramsay called her a “low-risk appointment.” David Tuckwell at ETF Shares described her as a “safe pair of hands,” but said she’ll still have to grapple with a production drop—7% to 14%—and Woodside’s debt. Over at the Institute for Energy Economics and Financial Analysis, Kevin Morrison pointed out the Louisiana LNG project will attract a lot of scrutiny, particularly around cost pressures. 5
Back in January, Woodside warned investors to expect a drop in 2026 production—down to 172 million to 186 million barrels of oil equivalent from the anticipated 198.8 million in 2025. The company cited planned maintenance and the timing of Scarborough volumes as the main drivers. For now, that means the stock faces greater sensitivity to oil and gas price moves this year, with the question of tax changes still unresolved. 6
The risks aren’t subtle. If tensions in the Gulf ease, crude might tumble just as quickly as it shot up. A shift from tax modelling into actual policy could also ding sector valuations. Woodside, for its part, lacks what Westcott calls an “investable project” for Browse—and still has to secure environmental approvals before it can sign off on sending gas to the North West Shelf LNG plant. 3
Woodside’s shares have climbed 44.3% so far this year, putting it among the top gainers on the ASX 200 as of Friday’s close. Monday will bring a test: will investors stick with the oil-price momentum, or will concerns over tax exposure and project timelines start to matter more? 1
