Woodside Energy Lifts 3Q Revenue 6% Despite Lower Realized Prices

By Stuart Condie

SYDNEY--Woodside Energy said third-quarter revenue rose by 6% compared to the prior three months reflecting higher production, but lower realized prices.

The Australian energy producer on Wednesday reported US$3.259 billion in revenue for the three months through September, down from US$3.084 billion in the June quarter.

Third-quarter production of oil and natural gas rose by 8% to 47.8 million barrels of oil equivalent. Second-quarter production had been hit by a turnaround program at its Pluto liquefied natural gas plant and nearby offshore facilities in Western Australia state.

Chief Executive Meg O'Neill said that Pluto's improved output underpinned the 3Q result.

"The 99.9% reliability achieved at Pluto during the third quarter followed the completion of a maintenance turnaround in June," O'Neill said.

Woodside achieved an average quarterly realized price of US$60.20 per barrel of oil equivalent across its energy portfolio in the third quarter, compared with US$63 in the June quarter.

Woodside narrowed its full-year forecasts for production to 183 million-188 million barrels of oil equivalent, from 180 million-190 million previously. It also lowered its capital expenditure guidance to US$5.7 billion-US$6.0 billion, from US$6.0 billion-US$6.5 billion.

The energy producer, which in August headed off the threat of industrial action by workers at its Australian liquefied natural gas facilities, kept its gas-hub exposure guidance unchanged.

Write to Stuart Condie at stuart.condie@wsj.com

(END) Dow Jones Newswires

October 17, 2023 18:35 ET (22:35 GMT)

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