26 August 26

An interview with Woodside Energy CEO and Managing Director Liz Westcott on the company’s half-year results, major growth projects and the long-term outlook for LNG.

Energy markets have experienced a volatile start to 2026, with supply disruptions contributing to sharp swings in oil and gas prices. 

Against that backdrop, Woodside Energy CEO and Managing Director Liz Westcott discusses the company’s half-year performance, progress on major growth projects including Scarborough, and the outlook for LNG demand across Asia. 

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Or scroll down for a quick summary

• Woodside said first-half production of 86.5 million barrels of oil equivalent was impacted by a planned turnaround at Pluto and tropical cyclones in Western Australia. 

• According to Woodside, Scarborough was 98% complete at the end of the half, with first LNG cargo targeted for the fourth quarter of 2026. 

• The company expects Trion and Louisiana LNG to remain on schedule and budget, targeting first production in 2028 and 2029 respectively. 

• Woodside is reviewing its capital strategy as the company evolves into a larger, more global business. 

• Westcott expects LNG demand across Asia to continue growing over the longer term, supported by population growth, rising living standards and declining domestic gas supplies. 

Reliability underpins a strong first half

Westcott describes Woodside’s first-half performance through three themes: operational excellence, disciplined execution and sustained value creation. 

According to the CEO, reliability remained high across the portfolio, with Sangomar and Shenzi recording 99% reliability and Woodside’s operated LNG assets achieving 98%. 

Production eased to 86.5 million barrels of oil equivalent, with the decline largely reflecting a planned multi-week turnaround at Pluto LNG, along with the impact of two tropical cyclones in Western Australia. The turnaround also contributed to higher unit production costs during the period. 

Despite those disruptions, Westcott said the operational performance helped underpin a strong financial result and supported the company’s interim dividend. 

Energy market volatility also played a role. Westcott said disruptions in the Middle East had restricted global oil and LNG supplies at times, contributing to elevated prices that flowed through to Woodside’s revenue. 

The disruption has also highlighted the importance of reliable energy supply, with Westcott pointing to instances of fuel switching in Asia as some customers turned back to coal when gas supplies tightened. 

Scarborough approaches a major milestone

While Woodside continues to generate earnings from established assets including Pluto, the North West Shelf, Sangomar and Shenzi, much of the company’s future growth is centred on three major projects currently under development. 

Scarborough is the most advanced. According to the company, the project was 98% complete at the end of the half, with gas flowing from the field and commissioning activities underway ahead of a targeted first LNG cargo in the fourth quarter of 2026. 

Woodside said the development will also make greater use of the company’s existing Pluto infrastructure, with modifications allowing Scarborough gas to be processed through both the new LNG train and the existing Train 1. 

“We’re looking forward to the first cargo in fourth quarter this year,” Westcott said. 

Beyond Scarborough, Woodside said the Trion deepwater oil project was 64% complete at the end of the half and remains on track for first oil in 2028. Louisiana LNG, meanwhile, was 28% complete, with first LNG targeted for 2029. 

Westcott said all three projects remained on schedule and on budget. 

A global business prompts a rethink on capital

Woodside’s growing international footprint is also prompting the company to reconsider how it allocates capital. 

Westcott said the company is reviewing elements of its capital strategy, including financing, its dividend policy and the investment frameworks used to assess future opportunities. 

“Woodside is now truly a global organisation with projects under construction in many locations,” she said. 

The review comes as Woodside balances investment in major new projects with an existing portfolio that includes mature assets such as the North West Shelf, where upstream resource is declining, and newer operations such as Sangomar in Senegal. 

Woodside is also reviewing the future of Beaumont New Ammonia in the United States. Westcott said the asset is operating and generating cash flow, but the market for lower-carbon ammonia has developed more slowly than anticipated. 

“Customers say they’re still going to be interested in lower carbon but just not now,” she said. 

Why Woodside remains confident on LNG

Looking beyond near-term energy market volatility, Westcott remains confident about the longer-term role of LNG, particularly across Asia. 

Woodside expects LNG demand in the region to continue growing, supported by population growth, improving living standards and declining indigenous gas supplies in some markets. 

Westcott also sees LNG playing a role alongside the energy transition, including providing firming capacity for renewable generation and allowing some countries to substitute gas for coal in power generation and manufacturing. 

“LNG is going to be needed by many countries as part of their energy system and in an increasing manner going forward,” she said. 

For Woodside, that outlook helps underpin the rationale behind major investments such as Scarborough and Louisiana LNG as the company positions its portfolio for future demand.