Woodside Energy Shares Dip Amid Q1 Revenue Fall

Woodside Energy Shares Dip Amid Q1 Revenue Fall

Woodside Energy Group Ltd (ASX: WDS) experienced a notable decrease in its share price following a 12% drop in quarterly revenue.

Quick Overview:

Shares in the energy giant plunged by 3.0%, a stark contrast to the ASX 200’s overall dip of 1.1%.

Company Specific:

• Company Name: Woodside Energy Group Ltd saw its share price fall to $28.58, a 3.0% decline.
• Context: The drop follows the company’s latest quarterly update signaling a revenue dip.

Top Points to Note:

• Production Volume: The firm produced 44.9 MMboe, down 7% from the previous quarter.
• Revenue: Quarterly revenue stood at $2.97 billion, a 12% decrease from Q4 2023.
• Average Realised Price: There was a 5% drop in the average realised price to $63 per boe.

Insights/Analysis:

Despite the decline, Woodside Energy is pushing forward with its major projects such as Scarborough and Sangomar, with the latter nearing completion.

Concluding Thought:

The resilience of Woodside Energy’s project pipeline amidst revenue challenges suggests a strategic focus on long-term growth, even as market conditions fluctuate.

More reading:

• Why a US$100 oil price is on the horizon: IMF
• Buy these ASX dividend shares for income
• Here’s where I see the Woodside share price ending 2024
• 5 things to watch on the ASX 200 on Thursday
• 5 things to watch on the ASX 200 on Wednesday

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