BAKU, Azerbaijan, November 5. Woodside Energy is targeting a portfolio return on average capital employed (ROACE) of 12-15% by the mid-2030s, according to the company's Capital Markets Day 2026 presentation.
According to the company, the base business together with the delivery of Scarborough, Trion, and Louisiana LNG provides a ROACE of about 10 percent at a Brent price of $70 per barrel. Structural cost cuts are expected to add about 0.5 percentage points, and marketing and trading about 1 percentage point. The new capital and distribution framework is expected to add another 1-3 percentage points.
"We are targeting portfolio return on average capital employed of 12-15% by the mid-2030s. Delivery of our committed projects, the structural cost program, active portfolio management and increased value capture through marketing and trading will support this improvement," CEO Liz Westcott said.
Woodside Energy, headquartered in Perth, is Australia's largest independent oil and gas company and is listed on the Australian Securities Exchange and the New York Stock Exchange. Return on average capital employed (ROACE) is calculated as profit before tax and net finance costs divided by average capital employed. Woodside said the target is based on a long-term Brent price of $70 per barrel, JKM of $10 per MMBtu and TTF of $9 per MMBtu in 2026 real terms. Woodside's three major projects under construction are Scarborough in Western Australia (final investment decision in 2021), Trion in Mexico (FID in 2023) and Louisiana LNG in the US (FID in 2025). Woodside held its Capital Markets Day 2026 in Sydney on November 5 and will hold a second event in New York on November 12. At last year's Capital Markets Day, in November 2025, the company set out its growth plans to 2032.
