Photo: Image courtesy of Woodside Petroleum

Higher production, LNG prices boost Woodside’s revenue

Australia’s Woodside Petroleum on Thursday reported a jump in revenue in the third quarter of the year on higher production and stronger realized LNG pricing. 

The company reported sales revenue of $1.16 billion in the quarter ending September 30, 2019, 58 percent up on the previous quarter when sales revenue reached $738 million.

Compared to the corresponding quarter in 2018, sales revenue edged up 0.6 percent, Woodside noted in its report.

Woodside’s production reached 24.9 mmboe, up 44 percent compared to the previous quarter, and 7.8 percent up on the corresponding quarter last year.

The company has also achieved 99.7 percent reliability at the Pluto LNG facility that hit record quarterly production and daily production rates.

Commenting on the figures, Woodside CEO Peter Coleman said, “Pluto LNG had achieved record production rates, record quarterly production and 99.7 percent reliability following execution of the major turnaround in the previous quarter.”

Coleman added that Pluto LNG and the near term growth delivered by the Greater Enfield project will be the key contributors to the company’s 2020 production target of approximately 100 mmboe.

A final investment decision (FID) was taken for the Pyxis Hub project in August 2019. The Pyxis Hub comprises the subsea tie-back of the Pyxis, Pluto North and Xena 2 infill wells. Key contracts have been awarded to support the design and installation of subsea equipment and infrastructure.