2327 GMT - Woodside Energy's 3Q revenue came in 6% ahead of Citi's estimates, but the bank worries investors might become overly optimistic about the 2H dividend. Woodside reported revenue of $3.68 billion, above Citi's $3.5 billion forecast. "We had forecast the strong LNG production but realized pricing was still below our estimates despite the high percentage sold on spot," analyst James Byrne says. Citi also notes that capex guidance has also improved to $4.2 billion-$5.2 billion. "From an earnings and dividend perspective, we caution that brokers may still underestimate Sangomar unit depreciation and amortization, which could see consensus 2H dividend upgraded today more than it should," says Citi, referring to Woodside's newest oil project, in Senegal. It has a "sell" call on Woodside's stock. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
October 15, 2024 19:27 ET (23:27 GMT)
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