Woodside share price: Q3 report sees production soar 44%

Woodside saw a strong uptick in both its revenue and production when it released its third quarter report to the market today.

Woodside (ASX: WPL) today released its Q3 report for the period ending September 30. Here, the company reported that revenue and production had both risen significantly during the quarter.

Even so, the market response to today’s results were relatively tame, with the Woodside share price rising just 0.25% in the first 30-minutes of trade.

Such results, investors should be aware, are set against the backdrop of what has been a volatile year for the company’s share price.

Q3 results at a glance

On the top-line, the company reported third quarter sales revenue of $1,164 million – a 58% increase from Q2.

Revenue growth was backed up by equally strong third quarter production figures of 24.9 MMboe, a 44% increase from Q2.

All up, these production results were ahead of Royal Bank of Canada (RBC) estimates. RBC analysts pegged Woodside's Q3 production figures to come in at 23.0 MMboe prior to today’s announcement.

Strong Pluto LNG performance was a large contributor of this beat, says the bank. First oil from Woodside’s Greater Enfield Project also contributed to this outperformance, with RBC describing its flush production as better than expected.

Even on this production beat, RBC reiterated an underperform rating and its share price target of A$31.00 on the A$30bn energy company.

Woodside share price: CEO thoughts

Speaking of these results, Woodside’s CEO, Peter Coleman said:

‘Pluto LNG is performing strongly and demonstrating outstanding reliability following the turnaround. We are also achieving pleasing performance from the Ngujima-Yin FPSO following completion of the Greater Enfield Project, with over 2.5 million barrels of oil (100%) produced from the facility since restart.’

Mr Coleman continued by noting that:

‘Pluto LNG and the near term growth delivered by the Greater Enfield Project will be key contributors to our 2020 production target of approximately 100 MMboe.’

Other points of interest include the company commenting that it had:

‘Signed mid-term agreements for the supply of approximately 3.5 million tonnes of LNG in the period 2020 to 2026.’

Woodside (ASX: WPL) currently trades just ahead of the A$32 mark, somewhat down from its July share price peak of A$37.16.

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