Woodside reports 31% drop in Q1 sales revenue

Australian energy giant Woodside on April 19 announced a 31% year/year decline in sales revenue for the January-March quarter (Q1), attributed to decreased sales volumes and softer product prices.

During Q1, Woodside recorded sales revenue of $2.97bn, compared to $4.33bn in the same period the previous year. The sales revenue was down 12% quarter/quarter. The average realised product price in Q1 stood at $63/barrel of oil equivalent (boe), down from $85/boe in the corresponding period last year.

Sales volume was down 9% year/year, totaling 45.9mn boe, while production saw a 4% year/year decrease to 44.9mn boe.

Woodside highlighted the progress in its Scarborough project during the quarter, including the commencement of drilling production wells and the delivery of the first Pluto Train 2 modules to the site. The project, which was 62% complete by the end of Q1, is aiming for its first LNG cargo in 2026.

In a recent development, Woodside concluded the sale of a 10% non-operating participating interest in the Scarborough joint venture to LJ Scarborough (LNG Japan). The Scarborough project, situated approximately 375 km off the coast of Western Australia, encompasses the Scarborough joint venture, the Pluto Train 2 joint venture, and modifications to Pluto Train 1 to accommodate Scarborough gas. Gas extracted from Scarborough will undergo processing at the Pluto LNG facility, where Woodside is presently constructing Pluto Train 2.