Woodside Energy Announced 3Q23 Revenue Of $3.269B, Down 44% YoY, +6% Sequentially; Delivered Quarterly Production Of 47.8 MMboe (520 Mboe/day), Up 8% Sequentially
Portfolio Pulse from Benzinga Newsdesk
Woodside Energy reported 3Q23 revenue of $3.269B, down 44% YoY but up 6% sequentially. The company delivered quarterly production of 47.8 MMboe (520 Mboe/day), up 8% sequentially. Sales volume was up 10% from Q2 2023, primarily due to higher production. The company also achieved first production at Shenzi North in September 2023, ahead of the 2024 target.
October 18, 2023 | 6:45 am
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Woodside Energy's 3Q23 revenue fell 44% YoY but rose 6% sequentially. The company's quarterly production was up 8% sequentially, and it achieved first production at Shenzi North ahead of schedule.
While Woodside Energy's YoY revenue fell significantly, the sequential increase in revenue and production, as well as the early production at Shenzi North, could potentially offset the negative impact of the YoY revenue drop. However, the overall market reaction could be mixed, hence the neutral score.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100