Woodside Energy Reports Record Annual Production

Woodside Energy announced impressive annual production figures for the calendar year 2023, surpassing its own forecast. The company produced a total of 187.2 million barrels of oil equivalent, including 48.1 million barrels in the fourth quarter alone. This achievement falls within the upper end of Woodside’s production guidance range of 183-188 million barrels.

CEO Meg O’Neill highlighted the successful completion of planned turnaround and maintenance activities at the North West Shelf and Shenzi, which contributed to the fourth-quarter production numbers. Additionally, the Pluto LNG project demonstrated exceptional performance, maintaining 99.9% reliability during the period.

In terms of financials, Woodside reported a revenue of US$3.36 billion in the final quarter of 2023, representing a 3% increase compared to the previous quarter.

Woodside has also been engaged in discussions with Australia’s Santos regarding a potential merger. If finalized, this merger would bring together the country’s two largest energy companies. With both Australia and Qatar competing to become the leading exporter of liquefied natural gas, this merger could have significant implications for the industry.

However, Woodside emphasized that these talks are still in the early stages, and there is no guarantee that the transaction will move forward. The company remains committed to conducting thorough due diligence and ensuring that any potential merger is value-accretive for its shareholders.