A current holding within the ASX Blue Chip portfolio, Woodside Energy (WDS) this morning has provided a Q3 trading update, highlighting a series of adjustments and updates to its yearly outlook.
Shares are up 0.67% this morning, outpacing the ASX200 which is 0.15% higher, although most of these gains are likely driven by higher oil prices overnight.
Woodside reported a Q3 sales revenue of US$3.26 billion, a decrease of 44% year-on-year. While the revenue for the quarter marked a 6% rise from the June quarter’s US$3.084 billion, this year’s production witnessed a dip, totalling 47.8 mmboe (million barrels of oil equivalent), down 6.6% from the previous year, though up 8% from the prior quarter. A major driver behind this quarter’s enhanced production was the turnaround success at its Pluto LNG plant and surrounding offshore sites in Western Australia. As the CEO Meg O’Neill noted, the maintenance overhaul in June paved the way for Pluto to achieve a commendable 99.9% reliability rate in Q3.
