Woodside Energy lifts 2025 production outlook despite lower Q3 revenue, shares surge 4%
Shares of Australia’s Woodside Energy rose to a two-week high on Wednesday after the company raised its fiscal 2025 production forecast, even as third-quarter revenue declined 9.4% due to lower average realised prices.
The country’s largest independent energy firm now expects fiscal 2025 production to range between 192 million and 197 million barrels of oil equivalent (mmboe), up from its previous guidance of 188–195 mmboe.
Woodside’s shares climbed as much as 4.1% to A$23.31, marking their strongest day since late July, while the broader market fell 0.7%.
Production Strength Drives Upward Revision
The upward revision reflects strong, consistent performance across Woodside’s assets, particularly at its Sangomar project in Africa and outstanding reliability at its Pluto LNG and North West Shelf projects in Australia.
Woodside produced 50.8 mmboe in the third quarter, slightly down from 53.1 mmboe during the same period last year.
Revenue and Pricing
The company posted third-quarter revenue of $3.36 billion, down from $3.68 billion a year earlier. However, this beat analyst expectations, which had forecast around $3 billion.
The average realised price fell to $60 per boe, compared with $65 per boe in the same quarter last year.
North West Shelf Project Approval
In mid-September, Australia granted final approval for Woodside to operate the North West Shelf project—the country’s oldest and second-largest LNG plant in Western Australia—through 2070.
Woodside confirmed that it has assessed the work required to meet federal conditions, stating that there is no material increase in capital expenditure expected to maintain ongoing production at the North West Shelf.
