Commodities
Woodside Reports Q1 Production Drop, Strong LNG Demand Supports Sales
Woodside Energy (WDS) reported Q1 earnings on Wednesday, showing total production volumes of 45.2 million barrels of oil equivalent for the quarter, down from 49.1 million boe/d a year earlier.Gas output averaged 1,578 million standard cubic feet per day for the quarter ended Mar. 31, compared with 1,841 MMscf/d a year earlier, the company said.Liquids production averaged 221,000 b/d in Q1, slightly down from 223,000 b/d a year earlier, the company said.Cyclone-related disruptions and seasonal impacts across Western Australia operations drove the decline in production, the company said.Total sales volumes reached 51.7 million boe/d for the quarter, up from 50.3 million boe/d a year earlier, Woodside added.Gas sales averaged 2,016 MMscf/d, rising from 1,968 MMscf/d a year earlier, while liquids sales increased to 218,000 b/d from 213,000 b/d, the company said.Woodside expects full-year production of 172 million boe/d to 186 million boe/d, maintaining prior guidance, while capital expenditure is projected at $4 billion to $4.5 billion, the company said.The company said the Scarborough Energy Project reached 96% completion and remains on track for first liquefied natural gas cargo in Q4 2026, with commissioning activities underway following installation of the floating production unit.Woodside advanced the Trion Project to 56% completion and targets first oil in 2028. The project includes the development of 24 subsea wells and is expected to support future production growth, the company said.The Louisiana LNG project reached 24% completion, with Train 1 at 31%, and remains on schedule for first LNG cargo in 2029, the company said.The company also completed its first ammonia cargo at Beaumont New Ammonia in February and assumed operational control in March, the company said.Price: $23.72, Change: $+0.46, Percent Change: +1.98%
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