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Highlights
- Woodside’s share price was AU$36.3 on 30 January 2023 at market close.
- The company presented stronger-than-expected quarter results.
- Woodside marked the highest annual production in its history.
Woodside’s share price was AU$36.3 on 30 January 2023 at market close. After a bumpy last month, the energy company embarked on this week’s journey in the green zone. Demonstrating a sinusoidal trend, Woodside Energy Group Ltd (ASX:WDS) has grown by over 7% in January 2023 (to-date).
How has Woodside performed recently?
Earlier in January, the company disclosed results of a record fourth quarter for the period ended 31 December 2022-
Strong natural gas and oil production during the last quarter of 2022 has helped WNS beat the annual output target:
- It accomplished a full-year 2022 production of 157.7 MMboe - beyond the guidance of 153 – 157 MMboe, the highest in company’s history.
- Production was a record 51.6 million barrels of oil equivalent (boe), up 0.7% from Q3 2022.
- Sales volume was 52.2 MMboe, down 8.5% from Q3 2022; revenue was AU$5,160 million, down 12%.
- North West Shelf Project and Pluto LNG achieved 98.3% reliability.
- Pluto LNG passed has 50 million tonnes of LNG production.
- WDS contributed 29.4 PJ to the east coast Australia gas market.
Image source- Pexels
On the operational front, the Scarborough and Pluto Train 2 projects are reportedly 25% complete. Additionally, the development drilling program was carried out on Sangomar wherein seven of 23 wells have been completed. WDS also progressed the proposed Trion project (Mexico).
Another achievement for the quarter, Woodside was chosen as the preferred partner to advance to the upcoming stage of the proposed Southern Green Hydrogen project (New Zealand).
What does Woodside expect in the coming weeks?
The company’s sticks to its production guidance for the full year 2023 to range between 180 million to 190 million boe. For the Woodside Solar project, it inked an Indigenous land use and modern benefits sharing agreement. The company is targeting FID readiness this year for this.
Woodside plans to unveil its Sustainable Development Report 2022, Annual Report 2022, along with Climate Report 2022 in February 2023.
In the fourth quarter, steady and strong operational performance, coupled with favourable operating circumstances across the portfolio, was a catalyst in attaining record quarterly and full-year production. It will be interesting to see if the company maintains this momentum in the months to come.