Woodside Energy beats revenue estimates as Sangomar drives growth

Published 23/07/2025, 11:26
 Woodside Energy beats revenue estimates as Sangomar drives growth

PERTH - On Wednesday, Woodside (OTC:WOPEY) Energy Group Ltd (NYSE:WDS) reported second quarter revenue of $3.27 billion, exceeding analyst expectations of $3.16 billion, driven by exceptional performance from its Sangomar field and strong operational results across its portfolio.

The company’s shares rose 0.67% in pre-market trading following the announcement.

Quarterly production reached 50.1 million barrels of oil equivalent (MMboe), up 2% from the previous quarter and 13% higher than the same period last year. The Sangomar field continued its outstanding performance, producing 101,000 barrels per day (100% basis, 81,000 barrels per day Woodside share) and contributing $510 million in revenue for the quarter.

Woodside CEO Meg O’Neill said the company demonstrated "operational excellence and world-class project execution" during the quarter. "We delivered strong production of 50 million barrels of oil equivalent for the quarter from our diverse portfolio of high-quality assets. At the same time, ongoing focus on cost control has enabled us to lower our unit production cost guidance for 2025," O’Neill stated.

The company achieved a strong realized quarterly price of $62 per barrel of oil equivalent (boe) for produced LNG, benefiting from diversified pricing and optimization strategies. Overall, Woodside’s average realized price was $59 per boe, down 9% from the prior quarter, reflecting lower Dated Brent, WTI, JKM, and TTF prices.

Based on its strong first-half performance, Woodside updated its full-year production guidance to 188-195 MMboe, incorporating the divestment of Greater Angostura assets. The company also reduced its full-year unit production cost guidance to $8.0-$8.5 per boe from the previous range of $8.5-$9.2 per boe.

A significant milestone during the quarter was the final investment decision to develop the Louisiana LNG Project, which positions Woodside as "a global LNG powerhouse," according to O’Neill. The company completed the sell-down of a 40% interest in Louisiana LNG Infrastructure LLC to Stonepeak for $5.7 billion, receiving approximately $1.9 billion during the quarter.

Woodside maintained strong liquidity of approximately $8.4 billion at the end of the quarter, supported by the issuance of $3.5 billion in senior unsecured bonds in the US market.

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