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Investing.com-- Woodside Energy Ltd (ASX:WDS) on Wednesday clocked a drop in its third-quarter revenue amid weaker oil prices, although the Australian energy firm still hiked its annual output forecast on strong production across its projects.
Woodside’s revenue for the September quarter fell 9% year-on-year to $3.36 billion, the company said in a statement. This was largely driven by a 8% drop in average realized oil prices for the quarter, as concerns over a supply glut and weakening demand battered crude markets.
But revenue was stronger than Visible Alpha estimates of $3 billion.
Australia’s largest independent energy operator said it now plans to produce between 192 and 197 million barrels of oil equivalent (boe) in 2025, up from its prior guidance of 188 to 195 million boe.
Woodside also cut its 2025 unit production cost outlook to between $7.6 to $8.1 per boe, from $8.0 to $8.5 per boe. This was largely on expectations of lower capital expenditures, excluding the Louisiana LNG project.
But Woodside slightly hiked its guidance for depreciation and amortisation in its projects.
The oil and gas firm is grappling with a sharp drop in oil prices this year, as fears of a looming supply glut and weakening demand in the U.S. and China battered crude markets. But while oil prices fell, natural gas prices were seen increasing on higher demand, especially in electricity generation.
Woodside has ramped up production across its projects to offset the tighter from lower oil prices. The company also approved a $17.5 billion natural gas project in Louisiana earlier this year.