The Woodside Energy Group Ltd (ASX: WDS) share price is 0.92% higher at $25.73 on Thursday.
Australia's biggest listed energy company is outperforming the broader market, with the S&P/ASX 200 Index (ASX: XJO) up 0.38% to 7,880.2 points.
Oil prices are about 0.3% higher at the time of writing, with Brent Crude trading at US$80 per barrel. West Texas Intermediate (WTI) crude oil is trading for US$77.20 per barrel.
Trading Economics says the WTI oil price is higher today due to reinforced expectations of an impending interest rate cut in the United States, which could boost economic activity and, therefore, demand for oil.
Meantime, Woodside has issued guidance today for several line items in its upcoming 1H FY24 results.
The company is scheduled to release its half-yearly numbers on Tuesday, 27 August.
Here are the details.
Woodside share price outperforming ASX 200 today
Woodside is guiding production costs of $710 million to $780 million for the half.
Its expects its net finance cost to be in the range of $50 million and $55 million and its Petroleum Resource Rent Tax (PRRT) liability to be between $150 million and $230 million.
The oil and gas major said its income tax expense for 1H FY24 should be between $400 million and $500 million on an underlying basis and between $100 million and $200 million on a statutory basis.
The company noted:
Half-Year 2024 statutory income tax includes the first-time recognition of a net Deferred Tax Asset (DTA) for the Sangomar project and other tax accounting adjustments.
These adjustments in aggregate have materially reduced the HY24 statutory and underlying effective income tax rate (EITR). The underlying income tax guidance excludes the impact of the Sangomar DTA.
Woodside expects royalties, excise and levies to total between $180 million to $210 million.
Depreciation and amortisation expenses on its oil and gas properties will be between $1,850 million and $1,950 million. This excludes the depreciation of lease assets.
The 'other income' line item should be in the range of $250 million to $380 million. This will include Woodside's profit on its Scarborough gas project sell-down to LNG Japan.
Woodside share price snapshot
The Woodside share price is down 18% in the year to date.
The broader energy sector is doing better than the oil and gas major, with the S&P/ASX 200 Energy Index (ASX: XEJ) down 13% over the same period.
The ASX 200 has risen by 3.3% in the year to date.
