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.
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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.