Woodside more than doubles sales revenue in Q2
Australian energy company Woodside on July 21 reported a 159% year/year jump in sales revenue in the second quarter (Q2) thanks to higher sales and realised product prices.
The company’s sales revenue during Q2 was $3.44bn compared with $1.33bn in the same period of last year. The average realised price that the company received for its products was $95/barrel of oil equivalent (boe), up from $46/boe last year. Sales volume for the period jumped 27% yr/yr to 35.8mn boe.
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Woodside’s production in Q2 was 33.8mn boe, up 49.1% yr/yr. For the full year, Woodside now expects total production of between 145mn boe and 153mn boe, higher than a prior forecast of between 92mn boe and 98mn boe. Woodside completed the merger with BHP’s oil and gas portfolio on June 1. After excluding BHP assets, Woodside's output is forecast to be between 88mn boe and 94mn boe, down 4mn from the earlier guidance, due to "new conversion factors".
The Sydney-listed company has also hiked its annual capital expenditure guidance to a range of $4.30bn to $4.80bn from its previous forecast of $3.8bn to $4.2bn.
Meanwhile, Woodside said it is ending the current sell-down process for the Sangomar project offshore Senegal. It acquired the entire participating interest in the project from fellow Australian company Far last year. Although primarily an oil production project, Woodside also envisions exporting commercial quantities of natural gas to the shore.