Woodside lifts after record quarterly performance
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More news: Shares in Woodside are up more than 1% to $25.04 in early trading after the oil and gas major reported record output in the September quarter following a ramp-up at its Sangomar field in Senegal and bumped up its full-year guidance. The stock bucked the trend in the energy sector, which has been dragged lower following a sharp drop in oil prices overnight.
Woodside bumps up guidance after record Q3 output
The news: Woodside Energy has slightly increased its full-year production guidance after reporting record quarterly output in the September quarter.
The numbers: Third-quarter production rose 20% from the previous quarter to 53.1 million barrels of oil equivalent (MMboe). Sales volumes increased by 16% to 55.8 MMboe, helping boost quarterly revenue by 21% to USD3.68 billion ($5.5 billion).
Australia’s top oil and gas producer now expects full-year production in the range of 189 to 195 MMboe, up slightly from 185 to 195 MMboe previously.
The context: Woodside attributed the improved performance to a ramp-up at the Sangomar facility in Senegal, increased uptime across operated assets and higherseasonal domestic gas demand. Work on the company’s major growth projects is continuing at pace with the Scarborough Energy Project in Western Australia now more than 73% complete and on target for first LNG cargo in 2026.
“The strong operational performance was underpinned by the accelerated ramp-up of Sangomar and exceptional performance at Pluto LNG and NWS. Our 39% exposure to LNG gas hub indices allowed us to take advantage of increased LNG spot prices in the market over the period, demonstrating the importance of maintaining a balanced and flexible portfolio,” CEO Meg O’Neill said.
Separately, Woodside announced it would delist shares from the London Stock Exchange given the low trading volumes and to reduce its administrative costs. Its shares will continue to be listed on the ASX and the New York Stocks Exchange.
The source: ASX
