Sydney, January 28, 2026, 16:59 AEDT — Market closed
- Shares of Woodside Energy climbed 2.7%, closing at A$24.98 following its fourth-quarter update.
- The producer signaled a dip in 2026 output, gearing up for scheduled downtime at Pluto LNG while awaiting Scarborough volumes.
- Investors are turning their attention to the Scarborough timing and Woodside’s annual report briefing set for Feb. 24.
Woodside Energy Group Ltd (ASX:WDS) shares climbed Wednesday following the release of its record production forecast for 2025 and updates on major growth projects, despite signaling a decline in this year’s output. The stock was last seen at A$24.98, up 2.7% from the previous close, based on data delayed by at least 20 minutes. 1
Woodside is entering a challenging period, with a packed project schedule set to cause disruptions through the year. The company projects 2026 output between 172 million and 186 million barrels of oil equivalent, as a significant turnaround at Pluto LNG coincides with a June-quarter slowdown and Scarborough gas production arriving later than anticipated by some investors. Nik Burns from Jarden suggested the market might “take it in its stride,” while Saul Kavonic at MST Marquee noted the results underscore a broader move toward more cautious guidance, according to Reuters. 2
Woodside reported December-quarter revenue dropped to $3.035 billion from $3.484 billion a year earlier, as its average realised price fell to $57 per barrel of oil equivalent (boe). Acting CEO Liz Westcott highlighted a record annual production of 198.8 million boe in 2025 and noted Scarborough is 94% complete, aiming for its first LNG cargo in Q4 2026. The company also confirmed first production at the Beaumont New Ammonia project in late December and said the 2025 annual report and results briefing are set for Feb. 24. 3
Traders see 2026 guidance as a bridge year. The figures reveal more about timing than actual demand — what production continues, what pauses, and when fresh barrels and LNG volumes come online.
The Scarborough schedule is crucial since it feeds directly into Woodside’s Australian LNG operations. Any delay would stretch the “gap” during Pluto’s downtime from a brief quarter to a prolonged issue.
The broader market gave little boost. Australia’s main index slipped 0.09%, while Brent crude rose 0.3% to $67.92 a barrel in late trading, pushing individual stock news to the forefront. 4
But guidance is just that—guidance. If the Pluto shutdown drags on, commissioning hits snags, or Scarborough faces yet another delay, the market’s patience will be stretched thin. It could also shake confidence in the company’s claims of a conservative outlook.
In the next session, desks will focus on broker resets and new positioning in Woodside’s 2026 volume range. They’re also looking for updates on Scarborough hook-up progress and Pluto prep. Oil-linked stocks remain sensitive to overnight crude price swings.
Woodside’s next key date is Feb. 24, when it will release its annual report and hold an investor briefing. This event offers management a crucial opportunity to clarify the cost and timing details that usually influence the stock more than the top-line production figures.
