Woodside Energy Group Ltd (ASX: WDS) has released its second quarter 2024 report, revealing a 2 per cent increase in quarterly revenue to $3.03 billion compared to the previous quarter.
Despite this growth, the company’s share price experienced a 1.5 per cent decline in early trading today.
The energy giant reported a production volume of 44.4 million barrels of oil equivalent (MMboe) for the quarter, slightly down by 1 per cent from Q1 2024.
This minor decrease was attributed to planned maintenance activities, weather impacts at the North West Shelf, and unplanned outages at the Wheatstone and Julimar facilities.
However, these setbacks were partially offset by higher seasonal demand at Bass Strait and the commencement of oil production at the Sangomar field.
Woodside CEO Meg O’Neill highlighted significant progress in the company’s major projects.
“The first oil from our Sangomar project offshore Senegal was a significant milestone, delivering against our growth strategy,” O’Neill stated.
She also noted that the Scarborough Energy Project in Western Australia is now more than two-thirds complete, with the first LNG cargo expected in 2026.
In a strategic move to expand its global LNG presence, Woodside recently announced an agreement to acquire Tellurian Inc. and its Driftwood LNG project.
This acquisition is expected to position Woodside as a major player in the global LNG market, particularly in the United States.
Despite the challenges, Woodside has reaffirmed its full-year production guidance of 185 to 195 MMboe and capital expenditure of $5 to $5.5 billion.
The company also secured a $1 billion, 10-year loan from JBIC in May to support its Scarborough Energy Project.
Woodside continues to make progress in its new energy initiatives, obtaining primary environmental approvals for the Hydrogen Refueller @H2Perth project and advancing offtake discussions for H2OK in the US.
The company is scheduled to release its half-year results on August 27, 2024.
As of the latest report, Woodside’s share price has declined 10 per cent year-to-date, reflecting ongoing challenges in the energy sector.