Second Quarter 2020 Report
Second quarter results for 2020
Production for the second quarter was 7% higher than the previous quarter at 25.9 MMboe, contributing to record first-half output of 50.1 MMboe, up 28% from H1 2019.
“The sustained organisational effort has seen 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 CEO Peter Coleman said.
The quarter was impacted by lower realised prices due to COVID-19 and an unprecedented combination of oversupply and short-term demand destruction.
CEO Peter Coleman said he is proud of how Woodside’s people have responded to unprecedented challenges in this half; managing the impact of Tropical Cyclone Damien; ensuring the safety of our people and business integrity as the COVID-19 pandemic unfolded; and adapting to the lower commodity price environment.
Commitment to the Burrup Hub is unwavering with Woodside targeting a final investment decision on Scarborough and Pluto Train 2 in H2 2021 and on Browse from 2023. Work is continuing to finalise commercial agreements and regulatory approvals across these developments. We are well positioned to take advantage of a forecast global LNG supply shortfall later this decade.
These results follow the tough but necessary decision of expected significant impairments of our assets as we continue in this very challenging business environment.
Read the announcements here.