Woodside Energy Revenues Hit by Lower LNG and Oil Prices

The first quarter production totalled 44.9 million barrels of oil equivalent (mmboe), down by 7% from the prior quarter.

SEATTLE (Oil Monster): Leading Australian LNG exporter, Woodside Energy witnessed notable dip in revenue during the initial quarter of the financial year, mainly due to dip in liquefied natural gas (LNG) and oil prices. This is upon comparison with the previous quarter. Also, key projects witnessed significant decline in production volumes, said the company press release.

The company’s first quarter revenue totalled $2.97 billion, down by 12% when compared with the revenues during the fourth quarter of the previous financial year. The LNG and crude oil prices were lower when compared to December quarter. The average realised prices dropped from $67 per barrel of oil equivalent (boe) in the prior quarter to $63 during Q1 this year.

Woodside Energy reported reduced production from Woodside’s Bass Strait project in Victoria, as well as the Pyrenees and Pluto LNG projects in Western Australia. The dip in production contributed to the lacklustre quarterly financial performance of the company and the fall in company shares to the lowest level since May 2022.

The first quarter production totalled 44.9 million barrels of oil equivalent (mmboe), down by 7% from the prior quarter.

Meantime, the company kept its full year production forecasts for 2024 unchanged.