Woodside grows Q3 revenues as output rises 8%

Woodside Energy said it was able to grow revenues in the third quarter as higher production offset lower commodity prices, as it reduced its spending guidance for the full year.

The Australian petroleum exploration and production company said it now expects capital expenditure to come in at $5.7bn to $6bn, lower than previous guidance of $6bn to $6.5n.

Revenues in the three months to 30 September totalled $3.26bn, up 6% from the second quarter, as quarterly sales volumes rose 10% to 53.3m barrels of oil equivalents (MMboe).

Production rose 8% over the period to 47.8MMboe, helped by the completion of planned turnaround and maintenance activities.

That managed to make up for the averaged realised price falling to $60boe, down from $63boe in the second quarter and $102boe in the third quarter of last year.

Woodside has narrowed its output guidance for the full year to 183-188MMboe, compared with 180-190MMboe previously.

The stock was up 0.8% at 1,900p by 0820 BST.