Woodside revenue hit by low oil and gas prices

Australian LNG player Woodside said Thursday its 2015 sales revenue dropped 36.5 percent to US$4.5 billion as a consequence of lower oil and gas prices.

Sales revenue for the fourth quarter fell by 37.3 percent to $1.1 billion, as compared to the same period a year ago, Woodside revealed in its results report.

According to the report, 2015 production slipped 3 percent to 92.2 MMboe , while the fourth quarter production volumes increased 6.4 percent to 24.9 MMboe.

Woodside delivered 318 LNG cargoes last year from its two projects, namely North West Shelf and Pluto in Australia.

The company also expects to take a hit of up to $1.2 billion as it writes down the value of its assets due to lower short and long term oil price assumptions.

Production outlook

Woodside’s production target range for 2016 is 86 to 93 MMboe, comprising a product split of approximately 42 percent Pluto LNG, 25 percent NWS LNG, 14 percent NWS pipeline natural gas, 18 percent condensate, oil and LPG, and 1 percent Canadian pipeline natural gas.

Investment expenditure

The Perth-based company’s total estimated investment expenditure for 2016 is expected to be approximately $1.96 billion, excluding post FID expenditure for the Browse LNG project in Australia.

LNG World News Staff