Woodside's second-quarter revenue beats estimates on Sangomar output; trims 2025 outlook

Australia's Woodside Energy reported a stronger-than-expected 8% rise in second-quarter revenue on Wednesday due to robust output from Senegal's Sangomar project, though it marginally lowered its annual production forecast following an asset divestment.

Woodside agreed in late March to sell offshore oil and natural gas assets in Trinidad and Tobago, including production facilities and interests within the shallow-water Angostura and Ruby fields of the Greater Angostura Project to Perenco.

The top gas producer in the country posted revenues of $3.28 Billion for the three-month period ended June 30. This is an increase of 8% over $3.04 Billion a year ago and well above the Visible Alpha consensus forecast of $3.09 Billion.

The strong revenue performance underscores Sangomar's success as a growth engine for the company. The company's overall production increased by 13%, to 50.1 million barrels equivalent (mmboe), compared with 44.4 mmboe during the same quarter last year.

Woodside has adjusted its production forecast for 2025 to a range between 188-195 mmboe. This is compared to its previous guidance of 186-196 mmboe.

(source: Reuters)