Woodside reports 8% drop in Q1 production on severe weather impacts
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The news: Woodside Energy has reported an 8% slump in first-quarter production to 45.2 million barrels of oil equivalent (MMboe), compared to the previous quarter, primarily driven by severe weather impacts across its Western Australian facilities.
The numbers: Sales volume for the first quarter rose 1% to 575,000 barrels of oil equivalent (Mboe) per day compared to the last quarter, while the average realised price climbed 11% to USD63 ($87) per barrel.
Capital expenditure and acquisition costs jumped 61% to USD1.3 billion, up from USD822 million in the prior quarter.
The context: Woodside stated that the lower output during the quarter was due to the impact of severe tropical cyclones in Western Australia which disrupted production at its Pluto LNG, North West Shelf, Wheatstone and Julimar-Brunello facilities.
The company has maintained its full-year guidance across all key metrics, with total production volumes expected to be between 172 MMboe and 186 MMboe.
What they said: “At the time of my appointment in March, I said my focus would be on operational excellence, disciplined execution and sustainable value creation for Woodside shareholders,” CEO Liz Westcott said.
“We expect this will deliver benefits through improved organisational effectiveness and capital management without compromising safety, execution or operational reliability,” she added.
The source: ASX
