WOODSIDE ENERGY GROUP LTD (WDS) Form 6-K — Nov 5, 2026
Woodside Energy's 2026 Capital Markets Day under new CEO Liz Westcott unveiled a refreshed strategy targeting 12-15% ROACE by the mid-2030s, up from ~10% base case, alongside a $400 million annual structural cost savings target from 2028 and a workforce reduction of more than 500 positions. The company introduced a new shareholder distributions policy of 20-40% of adjusted operating cash flow (base dividend of 20% locked in ahead of growth capex), with buybacks explicitly in scope, replacing the prior 50-80% of underlying NPAT dividend policy.
Key figures
- Guidance
- ~280 million boe sales by 2032; >$40 billion adjusted operating cash flow 2027-2032 (~$7B/year average); ROACE target 12-15% by mid-2030s; $400M annual structural savings from 2028
- Net debt
- $9 billion
- Liquidity
- $8 billion
- Irr hurdle
- 12% for all growth projects
- Roace target
- 12-15% by mid-2030s
- Climate target
- 30% reduction in net equity Scope 1&2 emissions intensity by 2035 vs 2025 baseline
- Credit ratings
- BBB+ (S&P), Baa1 (Moody's)
- Sales 2032 mmboe
- 280
- Cost savings target
- $400 million annually from 2028
- Workforce reduction
- more than 500 positions over time
- Distributions policy
- 20-40% of adjusted operating cash flow
- Dividends since 2022
- nearly $13 billion
- Trion completion pct
- 71
- Lng operated capacity
- ~19 Mtpa
- Adjusted ocf 2027 2032
- >$40 billion (mid case), >$50 billion (high case)
- Average breakeven price
- $30/bbl
- Priority2 cash 2027 2032
- $17 billion at $70 Brent; $26 billion at $85 Brent
- Scarborough completion pct
- 99
- Louisiana lng completion pct
- 32
- Avg dividend yield since 2022
- ~7.5%
AI analysis
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