Woodside outputs lifted post-merger

Production and sales were up significantly during Woodside Energy’s first quarter as owner of BHP’s petroleum assets.

Woodside produced 33.8 million barrels of oil equivalent (MMboe) for the quarter ended June 30, 60 per cent more than the previous, while sales volumes were up 51 per cent at 35.8 MMboe.

The fruitful period was buoyed by the integration of BHP’s petroleum business into its books, with an updated reserves statement expected at the end of August.

Overall, Woodside’s revenue climbed to $US3.4 billion, 44 per cent more than the first quarter of the year.

Woodside boss Meg O'Neill said the merger was the highlight of the period and had transformed the business into a top 10 global independent energy producer.

It received a net cash payment from BHP of approximately $US1.1 billion for the sale.

Woodside also took the opportunity in the quarterly update to advise it would not proceed with selling down its 82 per cent stake in the Sangomar oil field in Senegal.

“Following extensive discussions with potential new partners, we have decided to discontinue the sell-down of equity in Sangomar,” Ms O'Neill said on the matter.

The company had previously laid plans to sell down its interest in the joint venture held with Senegal company Petrosen to between 40 per cent and 50 per cent in the second half of 2021.

Woodside shares closed the day down 4.4 per cent to trade at $31.14.