Woodside’s revenue drops, production up

Australia’s largest LNG operator Woodside said its second-quarter sales revenue dropped 8.1 percent to US$825 million due to lower oil and gas prices.

On the other hand, Woodside’s production increased 10.4 percent to 22.2 MMboe, as compared to the same period a year before.

Production volumes were higher primarily due to the impact of the turnaround at Woodside’s Pluto LNG project in the second quarter of 2015, the Australian company said on Thursday.

Woodside CEO Peter Coleman said that the business was performing “well in a challenging external environment”.

According to the CEO, the North West Shelf Train 4 turnaround was completed eight days ahead of schedule and the Pluto LNG project in Western Australia achieved an annualised loaded LNG production rate equivalent of 5 mtpa.

“Lower sales revenue for the quarter largely reflects the three month lag in oil-linked LNG contract pricing structures. We will see higher realised LNG contract prices reflected in Q3,” Coleman said.

LNG World News Staff