Woodside Energy to review its business, and revenue will be affected by cyclone-related disruptions

Woodside Energy, Australia, announced a review of its operations to improve accountability and simplify the business. The company reported a lower revenue for the first quarter due to cyclones.

CEO Liz Westcott, in reference to the review, said that cost discipline is a key component of this effort.

Westcott stated that "we expect this to deliver benefits by improving organisational effectiveness and capital planning? without compromising safety execution or operational reliability."

A powerful tropical cyclone that hit Western Australia last month disrupted the production at Woodside’s Karratha Gas Plant, the onshore facility for the North West Shelf. This added to the pressure already being put on the global supply by the conflict in Middle East.

This?dragged Woodside's revenue down to $3.26 Billion in the three month period ended March 31 from $3.32 Billion a year earlier, but above the Visible Alpha consensus estimate of $3.05 Billion.

Woodside's quarterly production fell to 45.2 millions barrels of oil-equivalent (MMboe) from 49.1 MMboe a yeaear earlier.

The company?retain its production volume forecast between 172 MMboe and 186 MMboe. The company said that its Louisiana liquefied gas (LNG), a project, continues to draw'strong interest' from high-quality counterparties. This is supporting the sell-down. Reporting by Shivangi lahiri in Bengaluru and Nichiket sunil; Editing by Tasimzahid and Subhranshu sahu

(source: Reuters)