The Woodside Energy Group Ltd (ASX: WDS) share price managed to achieve a 1% rise in April. But, the S&P/ASX 200 Index (ASX: XJO) went up by 1.8%.

That represents underperformance of the index, but it also means that the ASX energy share did manage to achieve capital growth over the month.

What may have impacted the Woodside share price in April?

There were two notable events that happened during the month.

The first was the release of the first quarter report for the three months to 31 March 2023.

Woodside said it delivered quarterly production of 46.8 million barrels of oil equivalent (MMboe). This was down 9% from the fourth quarter of 2022 due to “planned turnaround and maintenance activities.” But, the ASX energy share said that full-year production guidance was unchanged.

The quarterly numbers showed sales volume of 50.4 MMboe, down 4% from the 2022 fourth quarter, primarily due to lower production.

Revenue amounted to US$4.33 billion, down 16% from the 2022 fourth quarter because of lower production and lower realised prices.

But, it’s worth pointing out that compared to the first quarter of 2022, Woodside is now producing a lot more and making more revenue thanks to the Woodside merger with the petroleum division of BHP Group Ltd (ASX: BHP).

Woodside said that its portfolio achieved an average realised price of US$85 per barrel of oil equivalent. So, the business didn’t produce as much and its revenue fell, but it’s still making quite a lot of cash flow.

At the Woodside annual general meeting (AGM), the business talked about the progress that it’s making on its projects.

For example, it noted that the Scarborough and Pluto train 2 projects combined are/were 30% complete and “remain on track for targeted first LNG cargo in 2026. It also said that it’s targeting final investment decision (FID) readiness in 2023 on the Trion oil project offshore Mexico, having completed front-end engineering design activities, issued tender packages for competitive bids and taken forward regulatory approval submissions.”

What’s the outlook for the Woodside share price?

Management sounded confident about demand for the company’s future at the AGM, which could be promising for the Woodside share price. The Woodside CEO and managing director Meg O’Neill said:

While there is considerable uncertainty over how the energy transition may unfold in the decades ahead, we can be confident that global energy demand will continue to grow, as the more than one billion people without access to reliable and affordable energy pursue the same quality of life that we enjoy.

That demand, and the role gas can play as a lower carbon source of the energy the world needs, underpins our confidence in the long-term strength of our business.

As I outlined in my speech to the National Press Club last week, the natural gas produced by Woodside can support three important, interrelated goals: providing affordable and reliable energy for Australians; maintaining strategic partnerships and energy security in our region; and progressing global decarbonisation.

Gas is not the only answer to achieve these goals. But it is, and will continue to be, an essential part of the equation.

Valuation snapshot

Between the start of 2023 to the end of April, the Woodside share price dropped around 5%.

The post What went down for the Woodside share price in April? appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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