Woodside Energy, Australia’s largest oil and gas company, has released its third-quarter report for 2024, showcasing record production and strong financial performance.

The company reported a significant increase in production and revenue, while also narrowing its full-year production guidance.

Woodside achieved record quarterly production of 53.1 million barrels of oil equivalent (MMboe), or 577,000 barrels of oil equivalent per day (boe/d), representing a 20 per cent increase from the previous quarter.

This surge in production was primarily attributed to the ramp-up of the Sangomar project and increased uptime across operated assets.

The company’s quarterly revenue reached $3,679 million, marking a 21 per cent increase from Q2 2024.

This growth was largely driven by Sangomar cargo sales and higher average LNG prices.

Woodside’s CEO, Meg O’Neill, highlighted several key operational achievements:

• The Sangomar project achieved nameplate capacity with gross production rates of 100,000 barrels per day.
• Pluto LNG and North West Shelf (NWS) facilities demonstrated exceptional reliability, with 99.9 per cent and 99.2 per cent uptime respectively.
• The company capitalised on increased gas-hub prices by selling 39 per cent of produced LNG cargoes on prices linked to gas-hub indices.

Woodside reported progress on several major projects:

• The Scarborough Energy Project is 73 per cent complete and on track for first LNG cargo in 2026.
• The Trion Project is 15 per cent complete and targeting first oil in 2028.
• The company completed the acquisition of OCI’s Clean Ammonia Project in Texas and Tellurian’s Driftwood LNG development, now renamed Woodside Louisiana LNG.

Woodside has narrowed its full-year production guidance to 189-195 MMboe, reflecting confidence in its operational performance.

The company also increased its full-year gas hub guidance to 33-37 per cent of produced LNG.

O’Neill emphasised the company’s strategy to thrive through the energy transition, citing recent acquisitions and long-term supply agreements as key to delivering value for shareholders.

In conclusion, Woodside Energy’s Q3 2024 report demonstrates strong operational performance and strategic positioning in the global energy market, setting the stage for continued growth and value creation.