Woodside Energy Group Ltd. on Wednesday posted $3.28 billion in revenue for the second quarter, up eight percent from the same three-month period last year as stronger natural gas prices offset lower gas volumes.
The Australian company produced 1.83 billion standard cubic feet a day (Bscfd) and sold 2.05 Bscfd of gas in the April-June quarter, both down three percent year-on-year.
Liquefied natural gas (LNG) sales from projects at home totaled 20.37 million barrels of oil equivalent (MMboe), down from 22.28 MMboe in Q2 2024.
The bulk of the Australian LNG sales came from Pluto LNG (11.97 MMboe), which posted a 94.9 percent reliability. Woodside said it had completed the PLA-08 subsea well and secured secondary environmental approval for the development of the XNA-03 well.
Woodside sold 7.45 MMboe of pipeline gas to the domestic market, up from 6.94 MMboe. Most of these came from the Bass Strait (3.62 MMboe).
In Trinidad and Tobago, piped gas sales totaled 2.23 MMboe, up from 1.61 MMboe in Q2 2024.
In the U.S., Woodside sold 324,000 boe of piped gas, down from 336,000 boe in Q2 2024.
Total liquids production increased 46 percent year-over-year to 230,000 barrels per day (bpd). Liquids sales climbed 50 percent to 238,000 bpd.
Australian crude oil and condensate output totaled 4.92 MMboe, up from 4.65 MMboe. Australian natural gas liquids (NGL) production totaled 1.01 MMboe, down from 1.28 MMboe.
International crude and condensate production grew from 8.01 MMboe to 14.58 MMboe, thanks to Senegal’s offshore Sangomar field, which contributed 7.4 million barrels. International NGL production increased from 355,000 boe to 401,000 boe, with the U.S. accounting for 398,000 barrels.
To account for the divestment of its Greater Angostura assets in Trinidad and Tobago to Perenco Group, Woodside adjusted its projected full-year production from 186-196 MMboe to 188-195 MMboe.
Woodside registered average prices of $9.8 per million British thermal units (MMBtu) and $11.4 MMBtu for LNG produced and LNG traded respectively, both up year-on-year.
For pipeline gas, Western Australian prices increased to AUD 6.8 ($4.5) per gigajoule, Australian East Coast prices decreased to AUD 13.4 and international prices increased to $4.7 per thousand cubic feet.
Woodside oil and condensate declined to $68 a barrel, while NGL dropped to $43 a barrel. Liquids traded decreased to $68 a barrel.
“We remain focused on delivering our Scarborough and Trion projects on schedule and budget”, said chief executive Meg O’Neill. “In May, we connected the floating production unit hull and topsides for our Scarborough Energy Project, which is now 86 percent complete and on track for first LNG cargo in the second half of 2026.
“Our Trion Project offshore Mexico is now 35 percent complete and targeting first oil in 2028. Construction of the floating production unit is progressing well, and we are preparing for construction of the floating storage and offloading vessel to commence in the second half of 2025”.
In the U.S., Woodside said it is exiting Oklahoma’s H2OK, a liquid hydrogen project, to help maintain financial discipline.
To contact the author, email jov.onsat@rigzone.com
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