Woodside Energy Group Ltd. has reported $3.32 billion in revenue for the first quarter (Q1), down five percent from the prior three-month period but up 13 percent against Q1 2024.
The sequential decrease was primarily due to lower production and weaker oil-linked prices. The year-on-year increase was due to added production from the Sangomar field offshore Senegal, which started up in Q2 2024, and higher gas hub-linked prices, the Australian exploration and production company said in an online statement.
Woodside produced 49.1 million barrels of oil equivalent (MMboe) in the January-March 2025 period, down 4 percent quarter-on-quarter due to weather impacts at North West Shelf LNG and unplanned outages at Pluto LNG, both in Western Australia. These were partially offset by higher production at Atlantis and Shenzi, which are oil and gas fields offshore Louisiana. By prior-year comparison, Q1 2025 total output rose 9 percent due to Sangomar production.
Q1 2025 gas production totaled 1.84 billion standard cubic feet a day (Bscfd), down 4 percent quarter-on-quarter and 5 percent year-on-year. Liquids averaged 223,000 barrels per day (bpd), the same level as the prior quarter and up 44 percent year-over-year.
Woodside LNG production at home totaled 19.25 MMboe. Its Australian pipeline gas production totaled 7 MMboe. Domestic crude and condensate production totaled 4.21 MMboe.
International pipeline gas production totaled 2.82 MMboe, mostly from Trinidad and Tobago (2.42 MMboe). International petroleum and condensate production totaled 14.48 MMboe, mostly from Sangomar (7.01 million barrels).
Woodside sold 50.2 MMboe in Q1 2025, down 7 percent quarter-on-quarter but up 10 percent year-on-year. Gas sales totaled 1.96 Bscfd, down 8 percent quarter-on-quarter but up 1 percent year-on-year. Liquid sales totaled 213,000 bpd, stable compared to Q4 2024 and up 34 percent from Q1 2024.
Realized prices averaged $65 per boe, up 3 percent quarter-on-quarter and year-on-year. Realized prices for LNG produced averaged $10.6 per million British thermal units (MMBtu), down quarter-on-quarter but up year-on-year. Realized prices for LNG traded averaged $13.7 per MMBtu, up quarter-on-quarter and year-on-year. Oil and condensate averaged $74 a barrel, up quarter-on-quarter but down year-on-year. Natural gas liquids averaged $47 per barrel, up quarter-on-quarter and stable year-on-year. Liquids traded averaged $70 per barrel, up quarter-on-quarter and year-on-year.
Woodside said, “The realized value of all hedged positions for the quarter ended 31 March 2025 is a pre-tax profit of approximately $14 million, with a $32 million profit related to oil price hedges offset by a $23 million loss related to Corpus Christi hedges, and a $5 million profit related to other hedge positions”.
To contact the author, email jov.onsat@rigzone.com
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