Woodside reports record full-year production, updates on Santos talks

The news: Woodside reported record full-year production for 2023, with output up by nearly a fifth, owing to strong energy demand and completed turnaround and maintenance activities at key sites.

The numbers: The energy giant reported annual production of 187.2 millions of barrels of oil equivalent (MMBoe), a 19% increase compared to the previous year and hitting the top end of the company's guidance of 183-188 MMBoe. Quarterly production reached 48.1 MMboe, with revenue of USD3.35 billion ($5.1 billion) for the three months, up 3% from the previous quarter.

The context: Woodside CEO Meg O'Neill attributed the strong production performance to the completion of planned turnaround and maintenance activities at its North West Shelf and Shenzi projects, while its WA Pluto LNG facility achieved 99.9% reliability during the period. Higher realised prices were credited with securing increased sales revenue.

What they said: The company's quarterly report also provided an update on Woodside's potential merger with Santos, with O'Neill stating: "The talks are still at an early stage and there is no certainty that the transaction will progress. Woodside will be disciplined, conduct thorough due diligence, and will only pursue a transaction that is value-accretive for shareholders."