Woodside Sales Revenue Up 15.9 Pct

LNG player Woodside said its sales revenue for the first quarter in 2014 was US$1,675 million, up 15.9% on Q1 2013.

Key production and sales points for the quarter

Previous quarter:

– Production volumes were 0.9% lower than the previous quarter mainly due to lower LNG volumes produced at Pluto, partially offset by increased oil volumes predominantly due to a full quarter of Vincent production. Sales volumes were 0.9% higher than the previous quarter reflecting a draw-down of inventory volumes on hand at the end of the previous quarter;

– Revenue for the quarter was 1.6% higher than the previous quarter broadly reflecting the higher sales volumes. Revenue in Q4 2013 was positively impacted by sales contracts adjustments for volumes already delivered by Pluto.

Corresponding period:

– Production volumes were 5.0% higher and sales volumes were 6.9% higher than the corresponding period predominantly due to the re-start of the Vincent FPSO in late 2013;

– Revenue for the quarter was 15.9% higher than the corresponding period predominantly due to additional oil volumes sold and higher realised prices for Pluto LNG volumes sold in the period. The average Brent price for the quarter was $107.87/bbl, below the $112.64/bbl in the corresponding period.

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LNG World News Staff, April 17, 2014; Image: Woodside