By David Winning
SYDNEY--Woodside Energy narrowed a forecast for annual oil and natural gas production following a record quarter that reflected the ramp up of its new oil project in Senegal and stronger demand for natural gas in Australia.
Woodside expects to produce between 189 million and 195 million barrels of oil equivalent in the 12 months through December. That is a tighter range than the 185 million-195 million BOE of output previously forecast by the Perth-based company.
Woodside is aggressively reshaping its portfolio of energy projects, developing new production hubs while adding new opportunities through acquisitions. Its Sangomar oil project in Senegal began producing crude oil this year, and management said gross output rates reached 100,000 barrels a day in the latest quarter.
Two other projects--Scarborough offshore Australia and Trion in the Gulf of Mexico--are under construction. Woodside said on Wednesday that Scarborough is 73% complete and on track for its first cargo of liquefied natural gas in 2026.
This development pipeline has been supplemented by the $900 million takeover of U.S.-listed Tellurian and its flagship Driftwood LNG asset on the U.S. Gulf Coast, which has been renamed Woodside Louisiana LNG. Woodside has also completed the $2.35 billion acquisition of an ammonia project in Beaumont, Texas.
"These acquisitions expand our diverse, geographically advantaged portfolio and position Woodside to execute our strategy to thrive through the energy transition and deliver long-term value to shareholders," said Chief Executive Meg O'Neill.
Woodside said its sales revenue totaled $3.68 billion in the third quarter, up 21% on the previous three months and driven partly by higher average LNG prices.
Management now anticipates selling 33-37% of its LNG production at prices linked to gas hub indices this year. That upgrade to guidance follows 39% of LNG sold at spot prices in the third quarter.
Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
October 15, 2024 18:25 ET (22:25 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。