Woodside Energy hits two-week high after raising 2025 output forecast
Shares of Australia's Woodside Energy rose to a two-week high on Wednesday after it raised its fiscal 2025 production forecast, even as third-quarter revenue fell 9.4% on lower average realised prices.
The country's biggest independent energy firm expects fiscal 2025 production to be between 192-million and 197-million barrels of oil equivalent, higher than its previous outlook of 188- to 195-mmboe.
Shares of the company rose as much as 4.1% to A$23.31 by 23:16 GMT, set for their best day since late-July if current trends hold, while the broader market .AXJO was down 0.7%.
Strong, consistent performance across its assets, particularly at its Sangomar project in Africa and "outstanding reliability" at the Pluto LNG and North West Shelf projects in Australia, drove both higher third-quarter production and an upward revision to the output forecast for fiscal 2025.
Woodside produced 50.8-mmboe during the quarter, compared with 53.1-mmboe last year.
However, the country's top independent oil and gas producer posted revenue of $3.36-billion for the quarter ended September 30, lower than the $3.68-billion it reported last year.
However, it beat Visible Alpha's consensus estimate of $3-billion.
Its average realised price for the third quarter fell to $60 per boe, lower than the $65 per boe it earned last year.
In mid-September, Australia granted final approval for Woodside to operate the North West Shelf project — the country's oldest and second-largest liquefied natural gas plant in Western Australia — through 2070.
"Woodside has assessed the work required to meet the federal conditions; there is no material increase expected to forecast capital expenditure to maintain ongoing North West Shelf production," it added in its statement.
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