Woodside Energy Group Ltd. on Wednesday posted $3.28 billion in revenue for the second quarter, up eight percent from the same three-month period last year as stronger natural gas prices offset lower gas volumes. The Australian company produced 1.83 billion standard cubic feet a day (Bscfd) and sold 2.05 Bscfd of gas in the April-June quarter, both down three percent year-on-year. Liquefied natural gas (LNG) sales from projects at home totaled 20.37 million barrels of oil equivalent (MMboe), down from 22.28 MMboe in Q2 2024. The bulk of the Australian LNG sales came from Pluto LNG (11.97 MMboe), which posted a 94.9 percent reliability. Woodside said it had completed the PLA-08 subsea well and secured secondary environmental approval for the development of the XNA-03 well. Woodside sold 7.45 MMboe of pipeline gas to the domestic market, up from 6.94 MMboe. Most of these came from the Bass Strait (3.62 MMboe). In Trinidad and Tobago, piped gas sales totaled 2.23 MMboe, up from 1.61 MMboe in Q2 2024. In the U.S., Woodside sold 324,000 boe of piped gas, down from 336,000 boe in Q2 2024. Total liquids production increased 46 percent year-over-year to 230,000 barrels per day (bpd). Liquids sales climbed 50 percent to 238,000 bpd. Australian crude oil and condensate output totaled 4.92 MMboe, up from 4.65 MMboe. Australian natural gas liquids (NGL) production totaled 1.01 MMboe, down from 1.28 MMboe. International crude and condensate production grew from 8.01 MMboe to 14.58 MMboe, thanks to Senegal’s offshore Sangomar field, which contributed 7.4 million barrels. International NGL production increased from 355,000 boe to 401,000 boe, with the U.S. accounting for 398,000 barrels. To account for the divestment of its Greater Angostura assets in Trinidad and Tobago to Perenco Group, Woodside adjusted its projected full-year production from 186-196 MMboe to 188-195 MMboe.

In an oil and gas report sent to Rigzone by the Macquarie Group late Monday, Macquarie strategists, including Walt Chancellor, revealed that they are forecasting that U.S. crude inventories will be down by 5.6 million barrels for the week ending July 18. “This follows a 3.9 million barrel draw in the prior week, with the crude balance realizing significantly tighter than our expectations,” the strategists said in the report. “For this week’s crude balance, from refineries, we model a minimal reduction in crude runs. Among net imports, we model a large reduction, with exports up (+0.4 million barrels per day) and imports down (-0.7 million barrels per day) on a nominal basis,” they added. The strategists warned in the report that the timing of cargoes remains a source of potential volatility in this week’s crude balance. “From implied domestic supply (prod.+adj.+transfers), we look for a bounce-back (+0.9 million barrels per day) on a nominal basis this week,” they analysts noted in the report. “Rounding out the picture, we anticipate another small draw in SPR [Strategic Petroleum Reserve] stocks (-0.2 million barrels) this week,” they added. “Among products, look for draws in gasoline (-1.8 million barrels) and distillate (-0.8 million barrels), with a build in jet (+0.9 million barrels). We model implied demand for these three products at ~15.0 million barrels per day for the week ending July 18,” the Macquarie strategists went on to state. In its latest weekly petroleum status report, which was released on July 16 and included data for the week ending July 11, the U.S. Energy Information Administration (EIA) highlighted that U.S. commercial crude oil inventories, excluding those in the SPR, decreased by 3.9 million barrels from the week ending July 4 to the week ending July 11. That report showed that crude oil stocks, not

Equinor ASA on Wednesday reported $1.67 billion in adjusted net income for the second quarter, down 31 percent from the same three-month period last year as weaker liquids prices offset stronger gas prices and production. Adjusted earnings per share came at $0.64, compared to $0.84 for Q2 2024. That fell short of the consensus estimate of $0.66 by analysts who took part in Equinor’s quarterly polling. The Norwegian majority state-owned energy major declared a dividend of $0.37 per share for Q2 2025. The board agreed to keep the share buyback pace at $1.265 billion. Equinor has now completed $2.465 billion toward a 2025 repurchase program of up to $5 billion. It expects total capital distribution this year to be $9 billion. Net income before adjustment for nonrecurring items was $1.32 billion, down 30 percent year-on-year. Equinor logged 2.1 million barrels of oil equivalent a day (boed) in equity production in the April-June quarter, up two percent year-over-year. Norwegian equity natural gas production and equity liquids production averaged 704,000 boed and 655,000 boed respectively. “New production from the Johan Castberg field reaching plateau and Halten East contributed. Together, this offset natural decline, impact from the turnaround at Hammerfest LNG and maintenance at the Kollsnes processing plant”, Equinor said. In the U.S., Equinor’s equity gas and liquids production totaled 283,000 boed and 147 boed respectively. “The acquisition of additional interests in U.S. onshore assets in 2024, and higher production from these assets, contributed to a 28 percent increase in oil and gas production from U.S. in the second quarter, compared to the same period last year”, Equinor said. International upstream production excluding the U.S. fell year-on-year due to Equinor’s exits from Azerbaijan and Nigeria, completed 2024. However, Angola, Argentina and Brazil saw increases. Equinor expects to grow annual production by four percent

State-owned Petroleo Brasileiro S.A. (Petrobras) has named engineer Angelica Garcia Cobas Laureano as Executive Director of Energy Transition and Sustainability. The company said in a media release that with Laureano’s appointment, Petrobras’ executive board is composed of five women, including one serving as president, out of a total of nine members. Laureano has already spent 21 years with Petrobras in her 45-year career. This marks the first time in the company’s history that senior management has more women than men, according to Petrobras. Petrobras said the new composition of the executive board demonstrates the company’s dedication to diversity and gender equality. Petrobras noted that the study “Women in Action,” published by B3 in September 2024, showed that only 6 percent of the 359 companies listed on the Brazilian stock exchange had at least three women on their statutory executive boards. In 59 percent of these companies, there was no female representation on the executive board.  “We are committed to increasing female participation in all sectors of Petrobras because we believe that a diverse team creates a healthier and more productive work environment. I hope we can inspire other women to aspire to leadership positions, especially in the oil and gas sector, which remains predominantly male,” Petrobras President Magda Chambriard said. Petrobras created its Executive Office of Energy Transition and Sustainability in April 2023. According to Petrobras, this department includes gas and energy processes, climate change, decarbonization, and renewable energy, and collaborates with other divisions within the company on the research and development of transition-related projects. “We will continue to invest heavily in decarbonization projects, the production of more sustainable fuels, and the diversification of renewable energy sources. As leaders in the energy transition, we reaffirm our commitment to achieving net-zero operational emissions by 2050”, Laureano said. To contact the author,

Oil fell for a third session as talks between the US and its trading partners gain urgency ahead of next week’s deadline. West Texas Intermediate crude fell 1.5% to settle near $66 a barrel as risk-on sentiment faded, and oil traders rolled over positions ahead of the August contract’s expiration on Tuesday, adding to volatility. Investors also honed in on discussions between European Union and US negotiators as they seek to clinch a trade deal by Aug. 1, when President Donald Trump has threatened to hit most of the bloc’s exports with 30% tariffs. “The risks to the downside are the longer-term oversupply that we expect in the fourth quarter and the first quarter of 2026, with the tariff deadline on Aug. 1 as another potential catalyst to the downside,” said Joe DeLaura, global energy strategist at Rabobank. Crude has been drifting sideways since the end of the conflict between Iran and Israel toward the end of last month, dragging gauges of market volatility to the lowest since early April. While WTI and Brent prices have flatlined, many of the largest moves in the oil market have been in diesel prices, which are soaring because of tight supplies and refinery closures. Looking ahead, traders will be focused on US economic data on jobless claims and home sales due to be released later this week. Oil Prices WTI for August delivery, which expired Tuesday, declined 1.5% to settle at $66.21 a barrel. The more active September contract slipped 1% to $65.31 a barrel. Brent for September settlement shed 0.9% to $68.59 a barrel. What do you think? We’d love to hear from you, join the conversation on the Rigzone Energy Network. The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about

Spain’s power outages probably cost oil producer Repsol SA about €170 million ($200 million) in losses at refineries and chemical plants last quarter, people familiar with the matter said.  A nationwide blackout in April led to an estimated loss of roughly €100 million at five refineries, and €40 million at three chemical plants, according to the people, who asked not to be named because the information isn’t public. Smaller power failures probably cost about €30 million, they added.  Repsol declined to comment. The unprecedented collapse of Spain’s power grid left more than 50 million people without electricity for several hours across the Iberian peninsula and small parts of France on April 28. The overall financial impact remains unknown, with most industrial, corporate and retail customers waiting for the energy market regulator’s review of the debacle before making insurance and damage claims.  Repsol’s oil refinery and the Escombreras industrial complex in Cartagena, Spain, on Jan. 16, 2025. The nationwide losses tally could reach between €2 billion and €4 billion, according to power industry executives with knowledge of the estimates, who also asked not to be named discussing non-public information.  The regulator, known as CNMC, hasn’t said when it will present its review. A government report last month laid blame at the grid operator and some unnamed power plants, without fully explaining why the network became so unstable in the first place. Repsol had additional electricity-related losses in the first quarter from a smaller outage that halted its Cartagena refinery six days earlier, as well as a technical problem at a substation operated by a local power company, which led to the Puertollano refinery halting on June 16, the people said.  The smaller April 22 outage was related to power network oscillations — the same type of problem that occurred on April 28.  In