Woodside Energy Group Ltd (WDS.AX): Growth on track; operational strength offsets modest trading margins

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Woodside Energy Group Ltd (WDS.AX): Growth on track; operational strength offsets modest trading margins

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29 Jul 2026 11:00:04 ET │ 15 pages

Woodside Energy Group Ltd

(WDS.AX)

Growth on track; operational strength offsets modest trading margins

CITI'S TAKE

WDS posted yet another strong operational JunQ result, with Sangomar Neutral

continuing to outperform by further deferring production decline and Price (29 Jul 26 16:00) A$32.74

Scarborough remaining on track for first cargo in 4Q26. The headline sales Target price A$31.25↑beat was largely offset by higher trading costs, with trading margins

increasing modestly to 6% despite elevated volumes. While the from A$29.50

improvement was positive, the outcome missed expectations given Expected share price return -4.6%

heightened volatility during the quarter and may temper enthusiasm around

Expected dividend yield 5.1%the portfolio’s ability to fully capture upside trading opportunities in

favourable markets. WDS discounts US$63/bbl and trades at 5x Expected total return 0.6%

EV/EBITDA, a discount to the global supermajors, although a premium to Market Cap A$62,242M

STO. On balance, we view the current valuation as broadly fair, with the

US$43,411Moperational momentum and project execution largely reflected in the share

price. We maintain our Neutral rating but raise our target price to

A$31.25/sh (from A$29.50/sh).

Price Performance1H26 guidance implies modest downside to consensus NPAT, bigger miss vs CitiE

— Management’s 1H26 line-item guidance implies a modest ~2% downgrade (RIC: WDS.AX, BB: WDS AU)

(US$31m) to consensus core NPAT forecasts and is ~10% below CitiE. This is

expected to flow through to VA consensus forecasts. Based on the updated earnings