Woodside Energy Reports Q1 Revenue Decline Due to Weather-Related Production Interruptions
Woodside Energy's Q1 revenue decreased by approximately 2%, totaling $3.26 billion, attributed to an 8% drop in production. The company maintains its annual production forecast at 172-186 million barrels of oil equivalent despite these challenges.
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For the quarter ending March 31, Woodside Energy (ASX:WDS) reported operational revenue of $3.26 billion, down from the previous year due to lower production levels. The company produced 45.2 million barrels of oil equivalent, equivalent to 502,000 boe per day, an 8% decrease attributed to weather disruptions, including tropical cyclones in Western Australia.
Average realized prices were $63 per boe, slightly down from $64 per boe year-over-year but improved sequentially. Key assets maintained a reliability rate above 99%, mitigating the impact of reduced volumes.
Sales volumes increased by 3% year-over-year to 51.7 million boe, with major projects like Scarborough nearing completion at 96%, targeting first LNG shipment in Q4 2026, and Trion aiming for first oil in 2028. These production challenges may influence market perceptions and financial performance moving forward.
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