Woodside Energy (ASX: WDS) Record-Smashing Quarter
Key PointsRecord production of 51.2MMboe, up 52% QoQ. Record sales volume of 57.1MMBoe, up 59% QoQ. Record revenue of $5.858bn, up 70% QoQ. Woodside Energy (WDS) released its third quarter report this morning with some solid-looking numbers at first glance. WDS delivered record production of 51.2 MMboe for the quarter, up 52% from the second quarter. This was accompanied by record sales volume of 57.1MMboe – a 59% increase on the previous quarter. And revenue of $5.858bn, up 70% from the second quarter on an average realised price of $102/barrel. To cap off the results, the group upgraded full-year production guidance to between 153-157 MMboe, with the previous range between 145 – 153MMboe. Within the guidance update, the group also increased the exploration expenditure range to between $500m and $600m but lowered total capital expenditure to between $4.0bn and $4.3bn.
This production and revenue increase comes as a result of the first quarter of full operation from the former BHP Petroleum business. CEO Meg O’Neill said, “This is our first full quarter following the merger, and these results demonstrate the new, expanded Woodside is delivering what we promised: safe, reliable energy from a more diverse portfolio.” The group is also working on expansion into “new energy” and has placed an order for an alkaline hydrogen electrolyser for its first hydrogen project – H20K. WDS has signed a joint agreement to undertake a feasibility study in the development of an ammonia supply chain from Australia to Japan.