The location-domination number is conjectured to be at most half of the order for twin-free graphs with no isolated vertices. We prove that this conjecture holds and is tight for subcubic graphs. We also show that the same upper bound holds for subcubic graphs with open twins of degree 3 and closed twins of any degree, but not for subcubic graphs with open twins of degree 1 or 2. These results then imply that the same upper bound holds for all cubic graphs (with or without twins) except $K_4$ and $K_{3,3}$.