Australia’s Woodside Lifts Oil and Gas Production Guidance

Core Viewpoint - Woodside Energy, Australia's largest oil and gas company, has raised its production guidance for 2025 and lowered expected production costs, attributing these changes to strong performance from key assets [1][3]. Production Guidance - Woodside now anticipates 2025 full-year production between 192 million and 197 million barrels of oil equivalent (boe), an increase from the previous estimate of 188 million to 195 million boe [2]. - The unit production cost is projected to be between $7.6 and $8.1 per barrel, down from the earlier guidance of $8.0 to $8.5 per barrel [2]. Performance Drivers - The improved production and cost outlook is driven by strong performance across assets, particularly in the U.S. and the Sangomar offshore field in Senegal, which is the country's first oil project launched last year [3]. Market Reaction - Following the positive production and cost guidance, Woodside's shares rose by 4% in Australia, while its NYSE-listed American Depositary Receipts (ADRs) increased by 3.6% after hours [3]. Financial Performance - In the third quarter, Woodside's revenue decreased by 9% year-on-year to $3.36 billion, with the average realized price per boe dropping by 8% to $60 per boe due to lower oil and gas prices compared to 2024 [4]. - Year-to-date revenue has increased by 3%, and production has risen by 5% [4]. Project Updates - The Scarborough Energy Project is currently 91% complete and is on track for first LNG production in the second half of 2026 [4]. - At the Louisiana LNG project in the U.S., construction is 19% complete, with train 1 at 25% completion, targeting first LNG in 2029 [5].