Woodside Announces Q2 Report for Period Ended 30 June 2020

Source: 7/15/2020, Location: Not categorized

Woodside has announced its second quarter report for the period ended 30 June 2020.

Performance highlights

- Delivered record production of 25.9 MMboe, up 7% from Q1 2020, contributing to record first-half output of 50.1 MMboe, up 28% from H1 2019.

- Delivered increased sales volume of 27.1 MMboe, up 13% from Q1 2020.

- Achieved record equity domestic gas sales volumes.

- Delivered sales revenue of $768 million, down 29% from Q1 2020.

- Continued to implement appropriate responses to the combined impact of COVID-19 and lower commodity prices.

Executing a clear plan

- Implemented expenditure reduction targets announced on 27 March 2020.

- Continued execution activities for Sangomar Field Development Phase 1.

- Submitted applications for production licences and retention lease renewals for the Burrup Hub.

- Commenced planting for the Greening Australia and Woodside Native Reforestation Project.

Woodside CEO Peter Coleman said production for the second quarter was 7% higher than the previous quarter at 25.9 MMboe. High reliability across the portfolio has been key.

'I am proud of the way the Woodside team has responded to unprecedented challenges in this half: managing the impact of Tropical Cyclone Damien; ensuring the safety of our people and business integrityas the COVID-19 pandemic unfolded; and adapting to the lower commodity price environment.

'The upshot of this sustained organisational effort has been our best-ever operating results, achieved in a time of extraordinary uncertainty and exemplifying the strength and resilience of our people and business.

'We have implemented the cost-saving measures announced at the end of the last quarter and are preparing our future growth projects to proceed when market conditions improve. Our business is set up to deliver long-term shareholder value.

'Woodside’s commitment to the Burrup Hub is unwavering and work is continuing to finalise commercial agreements and regulatory approvals for the Scarborough, Pluto Train 2 and Browse developments. We are positioning to take advantage of a forecast global LNG supply shortfall later this decade.

'The Burrup Hub is a highly competitive brownfields LNG development with the potential to provide robust returns for shareholders, create employment and generate tax revenue for decades into the future,' he said.

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