Woodside reports 10% drop in revenue in Q2

Australian energy producer Woodside on July 19 reported a 10% year/year (yr/yr) drop in revenue during the second quarter (Q2) owing to lower realised oil and LNG prices.

The company’s revenue came in at $3.08bn for the three months ended June 30, compared with $3.44bn a year earlier. The average realised price for LNG during Q2 was $63/barrel of oil equivalent (boe) compared with $95/boe last year.

Woodside produced 44.5mn boe during the quarter, compared with 33.8mn boe in the year-earlier period. The company has maintained its full-year production guidance in the range of 180 – 190mn boe. 

CEO Meg O’Neill said that the Scarborough and Pluto Train 2 project continued to make good progress and is now 38% complete. “Fabrication of both the topsides and hull of the floating production unit has ramped up. The accommodation village in Karratha, which will service the Pluto Train 2 construction workforce, is now complete. Pluto Train 2 module fabrication and foundation site works is progressing well,” she said.

O’Neill said that Woodside is progressing with contracting activities for the plant construction scope and other schedule-critical packages for H2OK, its proposed hydrogen project in Ardmore, Oklahoma, and aiming to be ready for a final investment decision in 2023.

Woodside is looking to expand its new energy footprint in the US and is also working on two proposed hydrogen projects in Australia: H2Perth and H2TAS.