Citi’s analysts anticipate that Australian oil and gas majors, including Woodside (ASX:WDS) and Santos, are likely to report a HY23 net profit after tax (NPAT) that falls somewhat below the Visible Alpha consensus.

This forecasting of the brokerage reflects elevated operating expenses for these companies.

The analysts noted that the market’s attention will be on important projects, and that the companies' share prices could face risk should the outlook disappoint.

Specific to Woodside, City will continue to monitor the progress of the Scarborough project.

Moreover, they noted that Beach Energy has some potential downside risks if FY24 guidance disappoints on Western Flank and Waitsia Stage 2 guidance is not anticipated to be reinstated yet, according to Citi.

Woodside is a major Australian oil and gas company.