Woodside shares slip after weak March quarter performance
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More news: Shares in Woodside Energy were down 2.6% to $28.68 after Australia's top oil and gas producer reported a drop in March quarter output and sales amid lower realised prices.
Also weighing on sentiment was a further decline in benchmark crude prices to a three-weak low.
Woodside output, revenue drops but keeps FY guidance
The news: Woodside Energy is sticking to its full-year production guidance despite recording a drop in March quarter output and sales.
The numbers: Australia’s top oil and gas producer said first quarter production fell to 44.9 million barrels of oil equivalent, down 4% from a year ago and down 7% from the December quarter.
Sales volumes slipped to 45.9 mega barrel of oil equivalent (mboe), down 9% from a year ago and down 7% from the preceding quarter. Quarterly revenue was down 12% to USD2.97 billion ($4.63 billion).
The context: Woodside attributed the lower revenue to a mix of lower realised prices and lower sales volumes. Its production was lower at Bass Strait, Pyrenees and Pluto although this was partially offset by increased output at Mad Dog Phase 2.
The oil and gas giant is sticking to its full year production guidance range of 185 million to 195 million boe, as well as capital expenditure guidance of USD5 billion to $5.5 billion.
CEO Meg O’Neill said the company is making significant progress on its three major growth projects. Woodside also outlined billions of dollars worth of investments in growth projects including the Scarborough gas project in Western Australia, the proposed Trion oil and gas project in Mexico and the Sangomar project in Senegal.
The source: ASX announcement
