PILBARA miners' results have been coming in.
The latest from Fortescue and Woodside are mixed, with Fortescue recording a jump in iron ore volumes and strong quarterly financial results.
Woodside, on the other side recorded a year-on-year post tax net profit drop from US$3.6 billion in 2024 to US$2.7 billion. Its underlying profit was 8% down year-on-year.
Fortescue reported underlying EBITDA of US$4.5 billion in H1 FY26 was 23% higher than H1 FY25.
The underlying EBITDA margin increased five percentage points to 53% and net profit after tax (NPAT) increased to US$1.9 billion and earnings per share (EPS) to US$0.62.
In her full year results briefing, Woodside interim CEO Liz Westcott described underlying net profit after tax of US2.6 billion, as “strong”.
“In 2025, we achieved record annual production of 198.8 million barrels of oil equivalent, exceeding our full year guidance range,” Ms Westcott said.
“This was driven by the exceptional performance at Sangomar and world-class reliability across our operating portfolio.
“We progressed major cash-generative growth projects to budget and schedule, including excellent progress on our Scarborough Energy Project, which was 94% complete at year-end and remains on track for first LNG cargo in the fourth quarter of 2026.”
Ms Westcott said in 2026 Woodside would execute major turnarounds to maximise longevity at existing assets and support ramp-up of new production, including at Pluto LNG in preparation for Scarborough start-up.
“We will also undertake drydock maintenance for some of our Australian oil assets.”
In its results Fortescue said there had been strong performance across the supply chain which contributed to record first half year iron ore shipments of 100.2 million tonnes (Mt), 3% higher than H1 FY25.
Fortescue reported it had begun implementation of an optimised Hematite life of mine plan, anticipated to deliver significant value by maintaining a lower cost profile and enhanced capital efficiency.
It was making continued progress on decarbonisation, including delivery of the first battery energy storage system (BESS), deployment of electric mobile equipment and new technology partnerships.
It had entered into a binding agreement under which Fortescue proposed to acquire the remaining 64% of Alta Copper’s issued and outstanding common shares not already owned.
“Exploration and study activities continue to advance planning for an integrated mine, rail and port solution for the Belinga Iron Ore Project (in Africa).
Fortescue Metals and Operations CEO, Dino Tranto said it had been a standout first half of the financial year.
“We delivered record shipments of 100.2 million tonnes while keeping our people safe and costs low," Mr Tranto said.
“We have the lowest operating cost in the industry, and decarbonisation is pushing that even lower.
“By removing diesel across our operations, we’re structurally improving our cost position. The more diesel we eliminate, the less exposure we have to price volatility, and the stronger and more predictable our margins become.”