Woodside reports 44% drop in Q3 revenue

Australian energy producer Woodside Energy reported a 44% year/year drop in revenue in the July-September (Q3) quarter due to lower sales volume and realised prices.

The company recorded revenue of $3.26bn in Q3 versus $5.86bn in the same period last year. This was primarily due to a lower average realised price of $60.2/barrel of oil equivalent (boe) in the September quarter, compared with $102/boe last year. The revenue in Q3 rose 6% from Q2, due to higher production offset by lower realised prices, Woodside said.

Woodside's production in Q3 was 47.8mn boe, down 7% year/year, while sales volume was 53.3bn boe, also down 7% year/year. On a quarter/quarter basis, production and sales volume rose 8% and 10% respectively.

Woodside has narrowed its annual production forecast range and capital expenditure outlook. The company now expects to produce 183mn-188bn boe for the year, compared with its previous forecast of 180mn-190mn boe. The company also expects 2023 capital expenditure of $5.7bn-$6bn, versus its previous forecast range of $6bn-$6.5bn.