Woodside 2Q Revenue Falls Due to Lower Output, Energy Prices

   By David Winning 
 

SYDNEY--Woodside Energy said its second-quarter revenue fell by 29% compared to the prior three months, reflecting lower realized prices and a drop in production.

Woodside said its revenue totaled US$3.084 billion in the three months through June, down from US$4.33 billion in the prior quarter.

Second-quarter production of oil and natural gas declined by 5% to 44.5 million barrels of oil equivalent after Woodside carried out a turnaround program at its Pluto liquefied natural gas plant and nearby offshore facilities in Western Australia state.

"Whilst 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 portfolio," said Chief Executive Meg O'Neill.

Woodside said it achieved an average realized price of US$63 per barrel of oil equivalent across its energy portfolio in the second quarter.

Woodside's production report was released a day after the Perth-based company raised its cost estimate for the Sangomar oil project in Senegal by as much as 13% following a cost and schedule review.

Woodside now expects a total project cost of between US$4.9 billion and US$5.2 billion, up from its previous estimate of US$4.6 billion. It is targeting first oil for mid-2024, compared with the target of late 2023 outlined in November 2022.

On Wednesday, Woodside kept its full-year forecasts for production and capital expenditure unchanged.

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

July 18, 2023 19:30 ET (23:30 GMT)

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