The Woodside Energy Group Ltd (ASX: WDS) share price is in the red alongside the broader market on Monday as the company gears up to post its half-year earnings tomorrow.
No doubt all eyes will be on the S&P/ASX 200 Index (ASX: XJO) energy giant on Tuesday morning.
In the meantime, however, it's trading in the red. The Woodside share price is currently $35.405, 1.52% lower than its previous close.
For context, the ASX 200 has slumped 1.92% so far today while the S&P/ASX 200 Energy Index (ASX: XEJ) has slipped 1.45%.
Let's take a closer look at what's going on with Woodside on Monday and what the market might expect from the company tomorrow.
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Woodside share price slips ahead of half-year results
The Woodside share price is sinking despite oil prices having closed higher last week.
The Brent crude oil price rose 1.7% to US$100.99 a barrel on Friday, leaving it 4.4% higher than it finished the previous week. Meanwhile, the US Nymex crude oil price lifted 0.6% to US$93.06 a barrel, ending the week 2.5% higher.
But that's not translating to gains in the energy sector. It's being weighed down by shares in Worley Ltd (ASX: WOR) and Paladin Energy Ltd (ASX: PDN) – they're falling 4.8% and 4.1% respectively right now.
But that might all turn around tomorrow as Woodside reports for the first time since it absorbed BHP Group Ltd (ASX: BHP)'s petroleum business.
Prior to the merger, Woodside expected to produce between 92 million barrels of oil equivalent (MMboe) and 98 MMboe over the whole of 2022. More recently, that was upped to between 145 MMboe and 153 MMboe.
On top of that, oil prices surged in the first half of 2022 following Russia's invasion of Ukraine. That may have helped to bolster the ASX 200 giant's bottom line.
Despite today's downturn, the Woodside share price is still boasting huge gains. It has lifted 56% since the start of 2022. It's also trading 77% higher than it was this time last year.
