Woodside Energy Beats Annual Oil, Natural Gas Output Goal

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By David Winning

SYDNEY–Woodside Energy Group Ltd said that strong oil and natural gas production in the last three months of 2022 helped it to beat its annual production target.

Woodside, which last year acquired oil business BHP Group Ltd., reported production of 157.7 million barrels of oil equivalent in the 12 months to December, beating an earlier guidance range of 153 million-157 million BOE. The company produced 51.6 million BOE in the last quarter of the fiscal year.

CEO Meg O’Neill said this was the highest annual production in Woodside’s history. “Consistently strong operating performance and favorable operating conditions across the combined portfolio were a key driver in achieving record quarterly and full-year production,” it said.

Woodside said its quarterly revenue was US$5.16 billion, down 12% on the three months to September as a result of reduced trading activity and lower crude oil and liquefied natural gas prices. . Across its portfolio, the company’s production brought an average realized price of US$98 per barrel of oil equivalent, down from US$102/BOE in the previous period.

Ms O’Neill said strong progress had been made across Woodside’s portfolio of growth projects, with the Scarborough and Pluto Train 2 projects now 25% complete and on track to deliver maiden cargo LNG in 2026.

“Most of the key equipment for the Scarborough floating production unit has been ordered and construction of the Pluto Train 2 module has begun,” she said.

Woodside’s 2023 production guidance was unchanged at 180 million-190 million BOE.

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

01-24-23 1731ET

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