Woodside Revenue Slips on Lower Production, Prices
Australian energy major Woodside has posted a revenue of $3.08 billion for the second quarter, down 29 percent compared to Q1 2023 due to lower realized prices and production.
“Strong underlying operational performance in the second quarter was impacted by planned turnaround and maintenance activities particularly at the onshore Pluto LNG facility and associated offshore facilities in Western Australia,” Woodside CEO Meg O’Neill said.
She noted however that while production and sales were lower compared with the first quarter of 2023, they were higher than the corresponding period last year, reflecting Woodside’s expanded operations.
Production decreased five percent compared to the previous quarter to 44.5 million barrels of oil equivalent (Mmboe).
However, the company kept its full-year production guidance unchanged at 180–190 MMboe.
Sales volume was at 48.4 MMboe, down four percent from Q1 2023.
The company said it has progressed toward final investment decisions for a couple of projects.
“We also achieved an important step towards value-accretive investment in future growth, taking a final investment decision to develop the Trion oil field offshore Mexico, subject to the regulator’s approval of the field development plan which is expected in the fourth quarter of this year,” O’Neill said.
The company said that the final investment decision was taken for the Julimar-Brunello Phase 3 project. The project involves the drilling of up to four development wells in the Julimar field and the installation of subsea infrastructure to connect to the existing Julimar field production system. It is set to flow fresh supply to the Wheatstone LNG facility in Western Australia.