By David Winning
SYDNEY--Woodside Energy said weaker output and lower realized prices for its oil and natural gas drove a 12% drop in sales revenue in its latest quarter.
Woodside reported revenue of US$2.97 billion in the three months through March, down from US$3.36 billion in the final quarter of 2023. The company's oil and natural gas fetched an average price of US$63 per barrel of oil equivalent in the quarter, down 5%. Production fell by 7% to 44.9 million BOE, reflecting lower output at its Bass Strait, Pyrenees and Pluto assets.
Still, the Perth-based company is poised for a new source of oil output in coming months as it nears completion of the Sangomar project in Senegal. On Friday, Woodside said Sangomar is 96% complete, with commissioning of the floating production storage and offloading unit underway ahead of first production in the middle of this year.
Sangomar is one of several growth projects that Woodside is advancing as it seeks to keep production high. The Scarborough natural-gas project offshore Australia, which Woodside is developing in partnership with Japanese investors, is currently 62% complete.
"We remain on target for first LNG cargo in 2026," said Chief Executive Meg O'Neill.
Woodside reaffirmed forecasts for annual output of between 185 million and 195 million barrels of equivalent.
Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
04-18-24 1930ET
