Woodside shares rise despite fall in Q1 output and revenue
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More news: Shares in Woodside Energy climbed even as the oil giant reported a drop in first-quarter production and revenue as ASX energy stocks performed strongly.
Woodside shares were up 3.8% to $20.46 at 2pm AEST.
Fellow oil producers Karoon Energy (6.5%), Santos (5.2%), Ampol (2.7%) and Beach Energy (2.6%) also advanced as the energy sector jumped 4.5%.
They tracked a rise in global oil prices, with Brent crude up 0.8% to US$67.99 a barrel, and West Texas Intermediate lifting 1.8% to US$64.20.
Woodside posts drop in Q1 production, revenue
The news: Woodside Energy has reported a drop in first-quarter production and revenue due to weather impacts and lower oil prices.
The numbers: Australia’s top oil and gas producer posted March quarter production of 49.1 million barrels of oil equivalent (mboe), down 4% from the prior quarter. Sales volumes were down 7% to 50.2 mboe, while quarterly revenue declined 5% to USD3.32 billion ($5.2 billion).
The context: Woodside attributed the weaker output to weather impacts at its North West Shelf oilfield in Western Australia and unplanned outages at the Pluto oilfield. This was partially offset by higher production at the Shenzi and Atlantis fields off the US coast and the addition of the Sangomar facility in Senegal.
“Customer demand for Woodside’s LNG remains robust. The 15-year sale and purchase agreement with China Resources announced during the quarter was Woodside’s fourth new long-term contract with a regional customer in just over a year,” CEO Meg O’Neill said.
She reiterated the company is making significant progress on its major growth projects, all of which are proceeding to schedule and within budget.
The source: ASX
