SYDNEY: Woodside Energy Group Ltd raised its annual production outlook today (Oct 20) after posting record quarterly revenue, benefiting from a jump in energy prices and its merger with BHP Group’s petroleum assets.
Woodside became a top 10 global independent oil and gas producer after its merger with BHP’s petroleum arm was finalised this year, helping the company double its output.
The company has also benefited from worsening energy supply due to the Russia-Ukraine conflict that has pushed liquefied natural gas (LNG) prices to new highs, with buyers scrambling for alternate supplies from countries such as Australia.
Woodside now expects to produce between 153 million barrels of oil equivalent per day (mmboe) and 157 mmboe over 2022, up from its July forecast of 145 mmboe to 153 mmboe.
The company produced 51.2 mmboe during the quarter, the first full quarter of production since its merger with BHP’s petroleum arm, compared with 22.2 mmboe a year earlier.
Woodside was able to charge an average price of about US$102 (RM481.84) per barrel of oil equivalent (boe) in the September quarter, nearly twice the US$59 per boe last year.
This, along with the newly acquired BHP assets, helped boost quarterly revenue to US$5.86 billion, from US$1.53 billion a year ago. – Reuters