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Cyclone Disrupts Woodside Energy Q1 Revenue
29 Apr
Summary
- First-quarter revenue saw a 1.6% drop.
- Cyclone Narelle disrupted production at key assets.
- Production guidance remains steady for the year.
Woodside Energy reported a 1.6% decline in its first-quarter revenue on Wednesday, with earnings falling to $3.26 billion from $3.32 billion in the previous year. This decrease was largely attributed to production disruptions caused by Tropical Cyclone Narelle in Western Australia.
The cyclone affected output at Woodside's Karratha gas plant, a crucial onshore processing facility. This disruption contributed to a quarterly output of 45.2 million barrels of oil equivalent (MMboe), down from 49.1 MMboe in the prior year. The company noted that this occurred amid already strained global supply chains.
Despite the revenue shortfall and production interruptions, Woodside Energy affirmed its production volume guidance for the year. The company expects to produce between 172 and 186 MMboe, indicating resilience and a positive outlook for the remainder of the year.
