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Highlights
• Q2 revenue grew to AUD3.28 billion, exceeding Visible Alpha estimates of AUD3.09 billion
• Quarterly production increased 13% to 50.1 mmboe, driven by Sangomar project output
• Full-year production forecast revised to 188–195 mmboe following asset divestment

Woodside Energy Group Ltd (ASX:WDS), Australia’s leading natural gas producer, reported an 8% year-on-year rise in second-quarter revenue to AUD3.28 billion, surpassing analyst expectations of AUD3.09 billion, according to Visible Alpha consensus data. The quarterly performance was supported by increased production, notably from the Sangomar project in Senegal.

The company’s output for the three months ended June 30 stood at 50.1 million barrels of oil equivalent (mmboe), a 13% jump compared to 44.4 mmboe in the same quarter a year ago. The output boost from Sangomar, which recently began producing, was a key factor in the revenue increase.

However, despite the solid quarterly metrics, Woodside made a slight adjustment to its full-year production guidance due to the divestment of select assets. In late March, the company reached an agreement to sell its offshore oil and gas assets in Trinidad and Tobago to Perenco, a London-based energy firm. The divested assets included production facilities and equity interests in the Angostura and Ruby fields located within the Greater Angostura project.

As a result of this transaction, Woodside revised its 2025 production guidance range to between 188 and 195 mmboe. The previous forecast range was between 186 and 196 mmboe, suggesting a slight tightening around the midpoint. The divestment aligns with the company’s portfolio simplification strategy and allows it to reallocate resources to higher-return projects.

The quarterly revenue performance also reflects stabilizing commodity prices and sustained demand for LNG exports, a key revenue stream for Woodside. While short-term pricing volatility remains, the company continues to focus on project delivery milestones and disciplined capital management.

Investors will be watching closely for updates on the continued ramp-up at Sangomar and any guidance on cost structures and margins in the coming quarters. Meanwhile, Woodside’s capital expenditure plans and asset rationalization efforts will likely remain in focus amid the broader energy market transition.