Woodside revenues jump 25 per cent

Woodside, one of the leading Australia’s independent oil and gas companies, has delivered results for the second quarter of 2014. Recorded sales revenue for the quarter was $1,679 million.

Production volumes were 2.2% higher mainly due to higher LNG volumes produced at Pluto. Sales volumes were 7.3% lower predominantly due to timing of shipments.

Sales revenue for the quarter was 0.2% higher reflecting higher LNG realised pricing and higher oil sales, partially offset by lower LNG and condensate sales volumes.

Production volumes were 17.5% higher and sales volumes were 6.4% higher predominantly due to the reliability of production at Pluto LNG and the re-start of the Vincent FPSO in late 2013.

Sales revenue for the quarter was 24.8% higher predominantly due to additional oil volumes sold primarily from Vincent and higher realised prices for Pluto LNG volumes sold in the period. The average Brent price for the quarter was $109.76/bbl, above the $103.35/bbl in the corresponding period.

The company hasn’t disclosed earnings for the period, but the sale of non-core assets in the Half-Year 2014 is anticipated to result in a loss in the range of $20 million to $40 million.