Australian Energy Companies Report Production Increases
Australian energy companies Woodside Energy and Beach Energy reported big production increases for the third quarter of 2026. Woodside's production rose 12% from the previous quarter to 46.2 million barrels of oil equivalent (MMboe). However, this was 9% lower than the same period last year. The company credited the rebound to stronger liquefied natural gas (LNG) output and better gas prices. Quarterly revenue reached $4.28 billion, a 2% increase from the second quarter and a 27% rise year-over-year. Woodside's average realized LNG price climbed 27% from the previous quarter to $84 per barrel of oil equivalent. This increase was due to stronger international gas markets. The company has narrowed its full-year production forecast to between 174 million and 181 million barrels of oil equivalent. This is down from a previous range of 174 million to 185 million barrels.
Beach Energy also reported strong performance. Total production climbed 9% quarter-on-quarter to 5.4 million barrels of oil equivalent. The company achieved record quarterly sales revenue of A$565 million, a 41% increase from the previous quarter. Beach Energy's sales volumes rose 32% to 6.3 MMboe. This growth was driven by improved output across its Australian assets. Production from the Bass Basin surged 55%. The Waitsia Gas Plant achieved record production rates of 235 terajoules per day after maintenance. Beach Energy expects one LNG cargo shipment in the second quarter, which will generate additional revenue.
These production gains may influence LNG and oil prices, especially as global demand for energy remains strong. Investors will watch the impact on the broader energy sector, particularly for companies involved in LNG and oil production. Upcoming quarterly earnings reports from both companies will provide more insights into their operational performance and market strategies.
Based on reporting by: oilprice.com