Woodside Energy's Financial Growth and Strategic Projects Update
Key Ideas
  • Woodside Energy's Q2 2024 revenue increased by 2% to US $3.033 billion, attributed to timely Pluto cargoes.
  • Production slightly decreased by 1% to 44.4 MMboe due to maintenance and weather impacts.
  • Sangomar Project in Senegal achieved first oil, with production ramping up as planned, signaling growth for Woodside.
  • Woodside progresses on Scarborough and Trion projects, secures funding and agreements for LNG supply to Taiwan and hydrogen projects.
Woodside Energy's Q2 2024 financial statement revealed a 2% increase in revenue, reaching US $3.033 billion driven by timely Pluto cargoes. Despite a 1% production decline to 44.4 MMboe due to maintenance and weather issues, the Sangomar Project in Senegal marked a significant milestone by achieving first oil, with production steadily increasing. CEO Meg O’Neill expressed confidence in the growth strategy, highlighting the peak gross rate of 75,000 barrels per day. The Scarborough Energy Project in Western Australia is 67% complete, with a revised cost estimate of $12.5 billion and on track for its first LNG cargo in 2026. Woodside also made progress on the Trion Project and secured primary environmental approvals for hydrogen projects like the Hydrogen Refueller @H2Perth. The company's acquisition of Tellurian and Driftwood LNG positions aims to strengthen its global LNG presence, while agreements with Taiwan and funding from JBIC demonstrate continued market demand and financial support.
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