The Woodside Energy Group Ltd (ASX: WDS) share price is higher after the ASX energy share announced its 2026 second quarter update.
Woodside is the largest energy business on the ASX, with oil and gas projects around the world.
2026 second quarter
The company reported that for the three months to June 2026, quarterly operating revenue came to US$4.2 billion, up 28% compared to the first quarter of 2026 and up 28% year on year.
Woodside said that a key driver of this result was that the average realised price was US$85 per barrel of oil equivalent (BOE), up 35% compared to the first quarter of 2026.
The company said that its quarterly production volume was 41.3 million barrels of oil equivalent (MMboe), which was 9% lower than the first quarter of 2026 because of planned maintenance at Pluto Train 1 and recovery from cyclone impacts.
Woodside noted that it had successfully delivered planned maintenance at Pluto Train 1 on schedule and budget, including critical tie-ins for Scarborough.
Woodside also boasted of “achieved exceptional reliability of more than 99% at Sangomar and Shenzi, as well as more than 97% at the North West Shelf LNG project and the Pluto LNG project.
Project progress
The company noted that the Scarborough project is now 98% complete and remains on budget and on track for the first LNG cargo in the fourth quarter of 2026, with the first gas produced from the Scarborough reservoir achieved after the June 2026 quarter.
Woodside also said the Trion project has progressed to 64% completion, with it remaining on budget, targeting first oil in 2028.
Finally, the Louisiana LNG project remains on budget, with this project targeting its first LNG in 2029 – it is 28% complete with train 1 35% complete.
2026 guidance
Woodside announced it was narrowing its production guidance for 2026. It was previously expecting between 172 MMboe to 186 MMboe and now it’s projecting between 174 MMboe to 185 MMboe, so the guidance has been narrowed.
Final thoughts on the Woodside share price
Woodside is capitalising on the strong energy prices right now, which explains why the Woodside share price is up around 30% in the past month.
I’d be very happy if I were a shareholder, though I’m not. The question now is whether it’s a good buy today. At this elevated level, I’d need to know what’s going to happen with energy prices, which is hard to know.
Environmental concerns aside, I think this could be a medium-term opportunity, because I believe energy demand is going to keep increasing. But, I’d prefer to invest at a cheaper price. For now, other ASX dividend shares could be a better value buy.
