Woodside targets higher output in 2020

Australian energy giant Woodside saw its sales revenues in the last quarter of 2019 decrease when compared to the same period in 2018 despite higher production, which the company plans to increase even further during 2020. 

According to Woodside’s 4Q 2019 report on Thursday, the company’s revenue from the sale of produced hydrocarbons were $1.3 billion in the last quarter of 2019, which is an increase when compared to revenues of $1.16 billion in 3Q 2019, but a decrease when compared to 4Q 2018 and revenues of $1.4 billion.

The company’s quarterly production increased both sequentially and year-over-year totaling 25.7 million barrels of oil equivalent (MMboe). In the third quarter of 2019 the company’s production was 24.9 MMboe and in 4Q 2018 it was 24.08 MMboe

Woodside CEO, Peter Coleman, said: “Production and sales revenue increased compared with the third quarter of 2019 due to the strong performance from Greater Enfield.

“We are targeting increased production in 2020 following the successful execution of our near-term growth projects,” Coleman added.

Namely, Woodside’s production guidance for 2020 is between 97 MMboe and 103 MMboe. The company’s actual production in 2019 was 89.6 MMboe compared to 91.4 MMboe at the end of 2018.

The company’s investment expenditure guidance for 2020 is $4.1 billion – $4.4 billion.

Woodside has recently made a final investment decision for its giant Sangomar development, located offshore Senegal, and awarded key contracts for the project.

Offshore Energy Today Staff

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