Woodside Energy, the Australian energy producer, has announced that its third-quarter revenue has risen by 6% compared to the previous quarter. This increase can be attributed to higher production levels, although realized prices were lower during the same period.
Production and Revenue Figures
For the three months ending September, Woodside reported a revenue of US$3.259 billion, slightly higher than the US$3.084 billion generated in the June quarter. This growth can be attributed to an 8% increase in production of oil and natural gas, reaching a total of 47.8 million barrels of oil equivalent. It is worth noting that the second quarter was impacted by a turnaround program at Woodside’s Pluto liquefied natural gas plant and adjacent offshore facilities in Western Australia.
Chief Executive Meg O’Neill credits the improved output from the Pluto facility as the main driver behind the third-quarter result. Following a maintenance turnaround in June, Pluto achieved an impressive 99.9% reliability rate during the third quarter.
Changes in Realized Prices and Forecasts
Woodside’s average quarterly realized price for their energy portfolio in the third quarter was US$60.20 per barrel of oil equivalent, slightly lower than the US$63 realized in the June quarter. Looking ahead, Woodside has adjusted its full-year production forecast to a range of 183 million-188 million barrels of oil equivalent, compared to the previous forecast of 180 million-190 million. Additionally, the company has lowered its capital expenditure guidance to US$5.7 billion-US$6.0 billion from US$6.0 billion-US$6.5 billion.
In August, Woodside successfully resolved a potential labor issue at their Australian liquefied natural gas facilities and has kept its gas-hub exposure guidance unchanged.