Woodside Energy Beats Annual Oil, Natural Gas Output Goal

By David Winning

SYDNEY–Woodside Energy Group Ltd. said strong production of oil and natural gas in the final three months of 2022 helped it to beat a target for annual output.

Woodside, which last year acquired BHP Group Ltd.’s Petroleum business, reported production of 157.7 million barrels of oil equivalent in the 12 months through December, exceeding a prior guidance range of 153 million-157 million BOE. The company produced 51.6 million BOE in the final quarter of the fiscal year.

Chief Executive Meg O’Neill said it marked the highest annual production in Woodside’s history. “Consistent strong operational performance and favorable operating conditions across the combined portfolio was a key driver in achieving record Quarterly and full-year production,” she said.

Woodside said its Quarterly revenue totaled US$5.16 billion, down 12% on the three months through September as a result of reduced trading activity and lower prices of crude oil and liquefied natural gas. Across its portfolio, the company’s output fetched 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 was made across Woodside’s portfolio of growth projects, with the Scarborough and Pluto Train 2 projects now 25% complete and on track to ship a maiden LNG cargo in 2026.

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

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

Write to David Winning at [email protected]

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