December quarter slip, oil price weighs on Woodside shares
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More news: Shares in Woodside Energy are down 2.2% to $25.17 after the oil and gas giant reported a 3% drop December quarter production.
The quarter saw lower seasonal demand at Bass Strait and an unplanned shutdown at Pluto LNG off the Western Australia coast.
The stock was also impacted by lower global oil prices after US President Donald Trump declared a national energy emergency on his first day in office, raising concerns of higher US output in a market widely expected to be oversupplied this year.
Woodside hits FY guidance despite Q4 output dip
The news: Woodside Energy has reported record full-year production near the top of its guidance range despite a slight decline in fourth-quarter output.
The numbers: December quarter production was down 3% from the prior quarter to 51.4 million barrels of oil equivalent. Sales volumes were also down 4% to 53.8 mboe, while quarterly revenue declined 6% to USD3.47 billion ($5.53 billion).
Despite the dip, Australia’s top oil and gas producer posted record full-year production of 193.9 mboe, near the top end of its 189 to 195 Mboe guidance.
The oil and gas giant expects to produce 186 to 196 Mboe in 2025 and has outlined capital expenditure of USD4.5 billion to USD5 billion for the year.
The context: Woodside attributed the improved annual performance to a ramp up in production at the Sangomar facility in Senegal, although this was partly offset in the last quarter by lower seasonal demand at Bass Strait and an unplanned shutdown at Pluto LNG off the Western Australia coast.
What they said: “We will continue to pursue targeted and strategic opportunities to simplify our business and sharpen our focus to deliver long term shareholder value,” Woodside chief executive Meg O’Neill said.
The source: ASX announcement
