Woodside share price slips despite 44% revenue boost

sad looking petroleum worker standing next to oil drill

sad looking petroleum worker standing next to oil drill

The Woodside Energy Group Ltd (ASX: WDS) share price is down 2% in early trade.

Shares in the S&P/ASX 200 Index (ASX: XJO) energy giant closed yesterday at $32.57 and are currently trading for $31.92.

This comes after this morning’s release of the company’s second quarter report (Q2) for the three months ending 30 June.

Here are the highlights that have yet to boost the Woodside share price today.

What happened during the quarter?

  • Woodside produced 33.8 million barrels of oil equivalent (MMboe), a 60% increase from the prior quarter and up 49% from Q2 2021
  • Sales volume of 35.8 MMboe was up 51% from Q1 2022 and up 27% year-on-year
  • The average realised price per barrel of oil equivalent came in at $95
  • Revenue of $3.44 billion was up 44% from Q1 2022 and 159% from Q1 2021

What else impacted the Woodside share price during the quarter?

Among the biggest events over the quarter was Woodside’s merger with the petroleum business of BHP Group Ltd (ASX: BHP). That merger was officially completed on 1 June.

The merger transformed Woodside into a top 10 global independent energy producer by hydrocarbon production. And it made the company the largest energy share listed on the ASX.

The three-month period also saw Woodside rebrand itself, changing its name from Woodside Petroleum (with the ticker WPL) to Woodside Energy (with the new ticker WDS).

Topping it off the company moved to a triple listing. While maintaining its spot on the ASX 200, Woodside shares also began trading on the New York Stock Exchange (NYSE) on 2 June, then followed up with trading on the London Stock Exchange (LSE) on 6 June.

Woodside shares trade under the same ticker, WDS, on all three exchanges.

What did management say?

Commenting on the quarter gone by, Woodside CEO Meg O’Neill said:

Significant progress was made on our key projects during the quarter. All major equipment items for Scarborough have been procured and construction has begun at the Pluto Train 2 site…

Following extensive discussions with potential new partners, we have decided to discontinue the sell-down of equity in Sangomar.

In Australia, accelerated Pluto gas transported through the Pluto-Karratha Gas Plant Interconnector has resulted in additional LNG production and sales of uncontracted cargoes in a high-priced market. Lambert Deep, a component of the Greater Western Flank Phase 3 project, achieved ready for start-up in July.

Woodside’s half-year report is scheduled for release on 30 August.

Woodside share price snapshot

The Woodside share price has been a star performer in 2022, up 40%. That compares to a year-to-date loss of 11% posted by the ASX 200.

The post Woodside share price slips despite 44% revenue boost appeared first on The Motley Fool Australia.

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