0159 GMT - Woodside Energy's second-quarter performance isn't quite as strong as it looks at first glance, Morgans analyst Adrian Prendergast notes. He says that about half the 14% beat relative to June-quarter consensus revenue expectations can be attributed to increased marketing activity, which he points out in a note is typically low margin. The key driver of the remaining beat stems from growth in sales volumes rather than production, he adds. The Australian energy producer's output looked healthy but Prendergast doesn't see anything to materially change is view. Morgans has a last-published hold rating on the stock and a target price of 33.40 Australian dollars. Shares are up 0.7% at A$32.53.
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