Woodside reports sharp jump in Q3 revenue
Australian oil and gas company Woodside’s revenue in July-September quarter (Q3) came in at $5.85bn, up 272.2% year/year thanks to high commodity prices, it said on October 20.
The company produced 51.2mn boe during the quarter compared with 22.2mn boe a year earlier. Woodside’s average realised price was $102/boe in Q3 versus $59/boe last year.
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Woodside CEO Meg O’Neill said production and revenue rose in the third quarter, reflecting the first full three months of contribution from the former BHP petroleum business. Woodside completed the merger with BHP’s oil and gas portfolio in June this year.
“This is our first full quarter following the merger and these results demonstrate the new, expanded Woodside is delivering what we promised: safe, reliable energy from a more diverse portfolio,” she said.
The Perth-based company has upgraded its full-year production guidance. It now expects to produce between 153mn boe and 157mn boe in 2022, up from a prior forecast of between 145mn boe and 153mn boe.
Woodside said its $5.7bn Scarborough gas project was 21% complete, with the first LNG cargo expected for 2026.