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Woodside trims 2026 output range as quarterly revenue beats estimates
Third-quarter revenue reached $4.281 billion and production recovered from second-quarter maintenance, but lower Beaumont volumes and project timing narrowed the full-year production range to 174–181 MMboe.
Woodside narrowed the top end of its 2026 production forecast after updating expected volumes from Beaumont New Ammonia, Scarborough LNG timing and the Okha offshore vessel. The new range is 174–181 million barrels of oil equivalent, down from 174–185 MMboe.
The revision came with a stronger revenue result. Third-quarter operating revenue reached $4.281 billion, ahead of the $4.11 billion analyst consensus cited by Reuters, while production rose 12% from the previous quarter to 46.2 MMboe after Pluto LNG maintenance.
The output range narrowed at the top end
Woodside now expects 2026 production of 174–181 million barrels of oil equivalent, compared with its previous 174–185 MMboe range. Reuters said the revision reflects lower expected volumes from Beaumont New Ammonia, a tighter timetable for first LNG from Scarborough and reduced production at the Okha floating production, storage and offloading vessel.
Revenue beat the consensus despite lower year-on-year output
Third-quarter operating revenue was $4.281 billion, above the $4.11 billion Visible Alpha consensus cited by Reuters and up from $3.36 billion a year earlier. Production was 46.2 MMboe: 12% above the second quarter after Pluto LNG maintenance, but 9% below the year-earlier period.
Prices and LNG portfolio optimization supported the quarter
Reuters reported an average realized price of $84 per barrel of oil equivalent, 40% higher than a year earlier, supported by stronger gas-hub prices and LNG portfolio optimization. That pricing benefit helps explain why revenue grew even though production remained below the year-earlier quarter.
Beaumont moved from review to a sell-down process
Beaumont New Ammonia ran at 69% of nameplate capacity during the quarter because of third-party feedstock constraints and an approximately 30-day shutdown after a process-safety event. Woodside said it will begin a formal process to reduce its investment in the project following its strategic review.
Major projects advanced, but timing still matters
Woodside reported Scarborough at 99% completion and still targeting first LNG cargo this year. Trion was 71% complete at quarter-end and continues to target first oil in 2028. The company kept 2026 capital-expenditure guidance at $4.0–$4.5 billion; project milestones and the narrowed production range remain forward-looking, not completed outcomes.
