Woodside Energy shares advance on guidance upgrades
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The news: Woodside Energy saw its shares lift in morning trade after the oil and gas major upgraded full-year production and cost guidance.
Woodside shares were up 2.6% to $22.98 at 11:20am AEDT. The stock is down 6.6% over the last 12 months.
RBC Capital Markets analyst Gordon Ramsay said Woodside's Q3 result beat consensus estimates for total revenue, sales volume and production. He noted that phase one reserves from the company's Senegal oil development Sangomar have been increased, while all major development projects are on track.
What they said: "Sangomar Phase 1 has now been on stream for more than 15 months and the performance of the asset has been nothing but impressive," said Ramsay.
Woodside Energy upgrades production guidance on Sangomar output
The news: Oil giant Woodside Energy has lifted its full-year production guidance after increasing output for the third quarter.
The numbers: Woodside now expects full-year production to be 192-197 million barrels of oil equivalent (MMboe), up from its previous guide of 188-195 MMboe.
The group also lowered its unit production cost guidance from $8-$8.5 per barrel to $7.6-$8.1.
Woodside reported quarterly production of 50.8 MMboe, up 1% quarter over quarter.
The context: Woodside CEO Meg O'Neill said customer demand for the company's LNG "remains robust". She pointed to the "continued exceptional performance" from Woodside's Sangomar oil development in Senegal, as well as "outstanding reliability" at its Australian assets Pluto LNG and the North West Shelf Project.
The source: ASX
