Woodside Energy eyes revenue boost in 2024

Company News

by Glenn Dyer

Woodside Energy (ASX:WDS) is optimistic about a modest increase in revenue this year following a 2023 shortfall in turnover, primarily due to weaker gas and oil prices.

Woodside anticipates a surge in production for 2024 and a 3% sequential rise in fourth-quarter revenue due to higher realized prices, increasing from just over $US3.2 billion to $US3.3 billion. However, the company's revenue for the financial year ending on December 31, 2023, dipped by 1.6% to $US14.02 billion.

The company projects 2024 production to range between 185 million and 195 million barrels of oil equivalent (mmboe). In 2023, production reached 187.2 mmboe, falling within the forecasted range of 183 to 188 mmboe.

Woodside's CEO, Meg O’Neill, explained, "Fourth-quarter production reflected the completion of planned turnaround and maintenance activities at the North West Shelf and Shenzi," adding, "Pluto LNG also maintained its strong production performance, achieving 99.9% reliability during the period."

In December, the company announced discussions regarding a potential $A80 billion merger with Santos, which would unite Australia's two largest energy companies. O'Neill noted, "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."

Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

Subscribe to our Daily Newsletter?

Would you like to receive our daily news to your inbox?