Woodside Reports 35% yr/yr drop in Q4 revenue

Woodside, an Australian energy producer, on January 24 reported a 35% year/year drop in revenue for the October-December (Q4) quarter, citing lower average realised product prices.

The revenue for the three months ended December 31 was $3.36bn, compared with $5.16bn in the same quarter of the previous year. The average realised product price during Q4 was $67/barrels of oil equivalent (boe), down from $98/boe in the corresponding period last year.

The production for Q4 was 48.1mn boe, a decrease from 51.6bn boe in the same quarter of the previous year. The total production for the year 2023 was 187.2mn boe, up almost 19% year/year.

Woodside has provided full-year 2024 production guidance of 185 – 195mn boe, and the capital expenditure guidance for the full year is in the range of $5bn to $5.5bn. 

CEO Meg O’Neill confirmed that merger talks with fellow Australian energy company Santis are still ongoing. 

“The talks are still at an early stage and there is no certainty that the transaction will progress. Woodside will be disciplined, conduct thorough due diligence, and will only pursue a transaction that is value-accretive for shareholders,” she said.  

The discussions about a potential merger were first disclosed by Woodside in December.