Woodside Energy Group Ltd (NYSE:WDS) posted stronger-than-expected second-quarter revenue of $3.27 billion on Wednesday, surpassing analyst projections of $3.16 billion. The beat was fueled by continued success at its Sangomar development and solid operational performance across its asset base.
Shares rose 0.67% in premarket trading following the earnings report.
The Australian energy producer delivered quarterly production of 50.1 million barrels of oil equivalent (MMboe), marking a 2% increase from the prior quarter and a 13% rise year-over-year. Output from the Sangomar field remained a key driver, contributing 101,000 barrels per day on a 100% basis (81,000 barrels per day attributable to Woodside), and generating $510 million in revenue during the quarter.
CEO Meg O’Neill highlighted the company’s efficiency and project execution, stating, “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.”
LNG sales achieved a solid realized price of $62 per barrel of oil equivalent (boe), benefiting from a broad pricing mix and active market strategies. However, Woodside’s overall average realized price dipped to $59 per boe, down 9% from Q1, reflecting weaker benchmarks including Dated Brent, WTI, JKM, and TTF.
In light of robust first-half results, the company revised its full-year production guidance to 188–195 MMboe, factoring in the divestiture of its Greater Angostura assets. Woodside also lowered its projected unit production cost to a range of $8.0–$8.5 per boe, improving on the earlier $8.5–$9.2 estimate.
A key development in the quarter was the final investment decision on the Louisiana LNG Project, a move that O’Neill said positions the company as “a global LNG powerhouse.” Woodside sold a 40% interest in Louisiana LNG Infrastructure LLC to Stonepeak for $5.7 billion, receiving approximately $1.9 billion of the proceeds during the quarter.
By the end of Q2, the company maintained a strong liquidity position of roughly $8.4 billion, supported in part by a $3.5 billion senior unsecured bond issuance in the U.S. market.
Woodside Energy Group stock price
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