Woodsides Third Quarter Report for Period Ending September 30, 2023

Woodside Energy Group Ltd (ASX: WDS) , a prominent energy company, has reported a robust performance in the third quarter of 2023, with a 8% increase in quarterly production to 47.8 million barrels of oil equivalent (MMboe), attributed to the successful completion of planned turnaround and maintenance activities. The company's full-year production guidance now falls within the range of 183 – 188 MMboe. Sales volume also saw an uptick, rising 10% to 53.3 MMboe, primarily due to higher production.

Steady Financial Performance

Woodside reported revenue of AU$3,259 million, a 6% increase from the second quarter of 2023, driven by higher production, although offset by lower realized prices. The company achieved an average realized price of AU$60.2 per barrel of oil equivalent (boe). Notably, 29% of the produced liquefied natural gas (LNG) was sold at prices linked to gas hub indices.

Major Project Milestones

Woodside reported significant progress on key projects. The Scarborough and Pluto Train 2 project was 46% complete, with fabrication of the floating production unit (FPU) and Pluto Train 2 modules advancing. The Sangomar project reached 90% completion, with 14 of 23 wells drilled and completed. Additionally, the Trion field development plan (FDP) in Mexico received approval from the regulator, marking the project's transition into the execution phase.

Carbon and New Energy Initiatives

In the realm of carbon and new energy, Woodside's H2OK final investment decision (FID) has been delayed due to the need for more certainty regarding government tax incentives and consumer offtake agreements. The company is making progress with agreements for solar farm and battery energy storage systems to support the Woodside Solar initiative. Woodside is also exploring potential carbon capture and storage (CCS) value chains between Australia and Japan, with agreements signed with Japanese companies.

CEO's Perspective

Woodside CEO Meg O'Neill highlighted the company's strong operating results at Pluto LNG, as well as the completion of maintenance activities. First production at the Shenzi North tieback was achieved ahead of schedule, and activity at Scarborough and Pluto Train 2 increased as planned. O'Neill emphasized the significance of Scarborough to regional energy security and the need for reforms in Australia's offshore approvals process.

Upcoming Investor Briefing

Woodside's Investor Briefing Day 2023 is scheduled for November 8, 2023, in Sydney, Australia, with a live webcast available for those interested in learning more about the company's strategies and performance.

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