Woodside's quarterly revenues exceed $3 billion backed by strategic milestones

Woodside Energy reported a 2% increase in quarterly revenue in Q2 2024, reaching US $3.033 billion, primarily driven by the timing of Pluto cargoes, according to their latest financial statement.

Production saw a slight drop of 1% to 44.4 million barrels of oil equivalent (MMboe) compared to the previous quarter, due to planned maintenance and weather impacts.

The Sangomar Project in Senegal achieved first oil in June, a significant milestone in Woodside's growth strategy. Production is ramping up as planned, with the first cargoes already being delivered to Europe.

Meg O’Neill, CEO of Woodside Energy, said in a press statement, “After the quarter, we achieved a peak gross rate of 75,000 barrels per day and the production ramp-up continues as planned. The addition of Sangomar to Woodside’s portfolio will deliver enduring shareholder value and significant economic benefits for Senegal.”

The Scarborough Energy Project in Western Australia reached 67% completion, with a revised cost estimate of $12.5 billion. The project is on track for its first LNG cargo in 2026.

Other notable developments include progress on the Trion Project, with key engineering and procurement activities underway. Woodside also secured primary environmental approvals for the Hydrogen Refueller @H2Perth and advanced offtake discussions for the H2OK Project in the United States.

“The recent announcement of an agreement to acquire Tellurian and Driftwood LNG positions Woodside to be a global LNG powerhouse, adding scalable US LNG development exposure to our portfolio,” she said.

In addition, Woodside signed a sale and purchase agreement with CPC Corporation, Taiwan, for the long-term supply of LNG to Taiwan, and secured $1 billion in funding from the Japan Bank for International Cooperation (JBIC) for the Scarborough Energy Project.

“We see ongoing demand for Woodside’s LNG in Asian markets, as evidenced by our long-term sale and purchase agreement with CPC Corporation, Taiwan, and the $1 billion loan agreement executed with JBIC to fund Woodside’s Scarborough Energy Project.”