Australia's leading energy company, Woodside, slightly adjusted its annual production forecasts upward on Wednesday following record output for the quarter, driven by increased activity at the Sangomar facility in Senegal and heightened seasonal demand for domestic gas.

The firm, recognized as the country's foremost independent oil and gas producer, refined its full-year production estimate to a range of 189 to 195 million barrels of oil equivalent (mmboe), up from the previous forecast of 185 to 195 mmboe.

Chief Executive Meg O'Neill noted that the company is observing robust pricing trends from Asia and Europe, even as storage facilities in Europe near their capacity limits. "There are still price signals indicating that the market is cautious about a cold winter and is keen to ensure that gas needs are met well ahead of that period," she stated in an interview.

Woodside reported that progress on its significant growth projects is advancing rapidly, with the Scarborough energy project now over 73% complete.

The company also recorded a 21% increase in revenue, reaching $3.68 billion for the three months ending September 30, surpassing the Visible Alpha consensus estimate of $3.29 billion and exceeding the $3.03 billion revenue from the previous quarter.

Despite a decline of over 1% in the broader energy index, Woodside's shares rose by as much as 1.5% to A$25.17.

The average realized price for the September quarter increased to $65 per barrel of oil equivalent (boe), compared to $62 per boe in the June quarter. The company produced 53.1 mmboe during the quarter, up from 44.4 mmboe in the prior quarter.

"Stronger oil production and the timing of cargo deliveries contributed to total revenue exceeding both our expectations and the Visible Alpha forecast by 6%," analysts at Citi remarked. "We believe Woodside will be able to provide more precise guidance in February."

In a separate announcement, the company revealed its decision to delist from the London Stock Exchange due to low trading volumes and to reduce administrative expenses, with November 19 marked as its final trading day.

Earlier this month, Woodside finalized its acquisition of U.S. liquefied natural gas developer Tellurian, which includes the U.S. Gulf Coast LNG export project now referred to as Woodside Louisiana LNG, for a total of $1.2 billion. The company indicated that it aims to be ready for a final investment decision by the first quarter of 2025.

By the end of the year, Woodside plans to publish a study assessing the costs associated with the extensive Greater Sunrise gas project, which has faced delays due to a dispute with joint owner Timor Leste regarding the location of LNG processing—whether in Timor or Australia.

O'Neill stated that the company remains neutral on the ultimate site for the project's processing facilities. "One of the challenges with Sunrise is that, given the size of the fields, the water depths, and the distance from shore, the commercial viability is quite challenging for either option, which is part of the reason we are conducting this study."