Australian pretoleum exploration and production company Woodside Energy Group Ltd. has reported a slip in quarterly revenue and production amid a seasonal demand drop. The company said in its quarterly report that its Q4 revenue landed at $3.47 billion, 6 percent below the previous quarter.
The company said its quarterly production reached 51.4 million barrels of oil equivalent (mmboe), 3 percent below Q3. Woodside attributed the decrease to lower seasonal demand at Bass Strait and an unplanned shutdown at Pluto.
The drop was partly offset by “outstanding production” from Sangomar, the company said. Sangomar produced 75,000 boe per day during the quarter, driving annual production to record levels.
“Our high-quality assets continued to deliver outstanding performance in the quarter, underpinned by Sangomar producing 75 thousand barrels of oil equivalent per day at 95 percent reliability, driving record annual production of 194 million barrels of oil equivalent. We also saw a strong contribution from Mad Dog in the Gulf of Mexico, with a full year of Argos production at peak rates”, Meg O’Neill, Woodside CEO, said.
“At the same time, we made important progress with our growth projects, including the arrival of the final Pluto Train 2 modules for our Scarborough Energy Project, which remains on track for first LNG in 2026. We were also pleased to welcome JERA, another strategic partner, into the Scarborough Joint Venture”, O’Neill said.
The company said that the Scarborough Energy project was 78 percent complete at the end of the quarter.
Woodside said its Trion project was 20 percent complete at the end of the quarter, with construction of the floating production unit commencing in November. First oil is targeted for 2028.
The Beaumont New Ammonia project is progressing as well with Phase 1 on track to start up in the second half of 2025, the company said.
Source: By Paul Anderson from Rigzone.com