Woodside Q3 revenue dips 45 pct

Australian LNG player Woodside reported a sales revenue of US$1.09 billion for the third quarter of this year, down 45 percent as compared to 2014.

The company’s revenue almost halved due to lower realised oil and gas prices, Woodside said on Thursday.

Production volumes increased 0.4 percent to 25.3 MMboe predominantly due to oil production from the Balnaves oil asset which commenced production for Woodside in April.

This was partially offset by lower LNG and associated condensate production at NWS due to a planned LNG Train 5 maintenance turnaround which was completed ahead of schedule during the quarter, Woodside said.

Woodside also revealed it completed capacity enhancement activities during the Pluto turnaround, resulting in current production rates exceeding the 4.3 mtpa nameplate capacity by 3 percent.

During the quarter, the company’s Pluto LNG project delivered 19 cargoes of the chilled gas, the same as in the third quarter of 2014.

The NWS LNG project, in which Woodside has a 16.7 percent stake, delivered 63 cargoes compared to 72 last year due to maintenance.

Woodside’s production target range for 2015 has been revised to 88 to 93 MMboe (previously 86 to 94 MMboe).

LNG World News Staff; Image: Woodside