Woodside Energy Q1 Production Drops 8% to 45.2 MMboe, Revenue Rises 7%
Woodside Energy’s Q1 production fell 8% to 45.2 MMboe due to cyclone disruptions in Western Australia despite 99% asset reliability at Pluto LNG, Sangomar and North West Shelf. Average realized price rose 11% to $63/boe, boosting revenue 7% to $3.26 billion.
1. Q1 Production Decline and Operational Reliability
First-quarter production of 45.2 MMboe was down 8% quarter-on-quarter, primarily due to severe tropical cyclones impacting offshore operations and an unplanned outage at Wheatstone LNG. Key assets including Sangomar, Pluto LNG and the North West Shelf maintained reliability levels near 99%, with planned maintenance contributing to the temporary slowdown.
2. Pricing Impact and Revenue Growth
Despite lower volumes, Woodside achieved an average realized price of $63 per barrel of oil equivalent, an 11% increase over the prior quarter. Higher prices drove revenue up 7% to $3.26 billion, offsetting much of the production shortfall.
3. Progress on Major LNG Projects and Guidance
Scarborough LNG is 96% complete and targeting first cargo in Q4 2026, Louisiana LNG stands at 24% with first LNG expected in 2029, and the Trion oil project in Mexico is 56% complete for 2028 start-up. Woodside reaffirmed full-year production guidance of 172–186 MMboe, underpinned by strong LNG demand and disciplined execution.