Ann: First Quarter 2024 Report, page-2

Summary (from https://newsrush.ai/m_51.html)

First Quarter 2024 Report

19 April 2024 8:57 AM | 18 Pages

Woodside's Q1 2024 report shows a decrease in production and revenue but progresses in major projects.

Summary

• Total production was 44.9 MMboe, a 7% decrease from Q4 2023.
• Revenue decreased by 12% from Q4 2023 to $2,969 million.
• Major projects like Scarborough Energy Project and Sangomar Project made significant progress.
• Sales of equity production linked to gas hub indices were 13%.
• Capital expenditure decreased by 25% from Q4 2023 to $1,179 million.

Highlights

• Quarterly production: 44.9 MMboe
• Quarterly revenue: $2,969 million
• Scarborough and Pluto Train 2 projects 62% complete
• Sangomar Project 96% complete
• Capital expenditure: $1,179 million

Positives

• Progress in major projects like Scarborough Energy and Sangomar.
• Completed sales and agreements enhancing the project portfolio.
• Successful offtake discussions for the H2OK project.
• Achieved 97% LNG production reliability for the North West Shelf.

Negatives

• 7% decrease in production from Q4 2023.
• 12% drop in revenue from Q4 2023.
• Decrease in realised prices for LNG and other products.
• Trunkline installation delay at Scarborough Energy Project.

Key Dates

• 31 March 2024: End of the first quarter.
• 19 April 2024: Date of report release.
• 24 April 2024: Annual General Meeting.
• July 23: Second quarter 2024 results.
• August 27: Half-Year 2024 report.
• October 16: Third quarter 2024 report.

Alerts

• Contains better than expected results: no
• Contains worse than expected results: yes
• Contains expected results: no
• Sentiment: mixed