Woodside Energy Group (WDS) Q2 Results Top Estimates on Sangomar Field Strong Performance

Woodside Energy Group Ltd (NYSE:WDS) is one of the best energy stocks to buy for the long term. On July 23, the company delivered better-than-expected second-quarter results that topped consensus estimates. Revenue in the quarter came in at $3.27 billion, compared to the $3.16 billion that analysts had expected.

Woodside Energy Group (WDS) Q2 Results Top Estimates on Sangomar Field Strong Performance

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The better-than-expected revenue was mostly influenced by exceptional performance at the Sangomar field and strong operational results across the portfolio. In addition, Woodside Energy Group benefited from a strong realized quarterly price of $62 per barrel of oil equivalent. It also benefited from diversified pricing and optimization strategies.

During the quarter, Woodside Energy produced 50.1 million barrels of oil equivalent, up 2% from the previous quarter and 13% higher than the same quarter last year.

“We delivered strong production of 50 million barrels of oil equivalent for the quarter from our diverse portfolio of high-quality assets. At the same time, ongoing focus on cost control has enabled us to lower our unit production cost guidance for 2025,” said CEO Meg O’Neill.

Following the impressive second-quarter results, Woodside Energy Group updated its full-year production guidance to between 188 and 195 million barrels of oil equivalent (MMboe). The company also reduced its production cost guidance to between $8.0 and $8.5 per barrel of oil equivalent (boe) from the previous range of $8.5-$9.2 per boe.

Woodside Energy Group Ltd (NYSE:WDS) is a global energy company focused on the exploration, development, production, marketing, and sale of hydrocarbons, including liquefied natural gas (LNG), pipeline gas, and crude oil.

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Disclosure: None. This article is originally published at Insider Monkey.

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