Energy crisis spurs Woodside to record qtr

Woodside Energy has posted record production in the December quarter amid an ongoing fuel supply crisis with world markets looking for new supply.

CEO Meg O'Neill said the result surpassed guidance and marked the highest annual production in the company's history.

The oil and gas producer sold 29 per cent of produced liquefied natural gas at prices linked to gas hub indices (23 per cent full year 2022), which meant it benefited from high prices from three to six months earlier.

The record December quarter production of 51.6 million barrels of oil equivalent was up 0.7 per cent from the previous quarter, for record full-year 2022 production of 157.7 million barrels of oil equivalent, Woodside said in results released on Wednesday.

Woodside contributed 29.4 petajoules to the east coast Australian gas market in the quarter.

"Every molecule produced by Woodside's east coast gas business went into the domestic market to support Australian households, businesses and manufacturers," Ms O'Neill said.

During the quarter, Woodside had a milestone at Pluto LNG, passing 50 million tonnes of liquefied natural gas production since the facility started up in 2012.

Woodside signed an Indigenous land use and modern benefits sharing agreement with the Ngarluma Aboriginal Corporation for the Woodside Solar project and is targeting a final investment decision in 2023.

"Elsewhere in new energy, Woodside was selected as the preferred partner to progress to the next stage of the proposed Southern Green Hydrogen project in New Zealand," she said.

The proposed project will target production of 500,000 tonnes per year of ammonia using electrolysis from renewable power.

In its second full quarter of production since absorbing BHP's petroleum business, Woodside said production guidance for full-year 2023 remains 180 million to 190 million barrels of oil equivalent.

Woodside said it would release its Sustainable Development Report 2022 and Climate Report 2022 on February 27.