- Woodside Petroleum (WPL) posts a 67 per cent jump in sales revenue thanks to higher prices for natural gas and oil
- For the three months ending June 30, the company achieved more than $1.28 billion in sales, representing a 15 per cent increase from the prior quarter
- The average realised price for its products was $46 per barrel of oil equivalent — significantly higher than $28 last year
- With spiralling costs, the company is now looking to cut its stake the Scarborough and Pluto expansion projects
- Woodside Petroleum is down 1.03 per cent to $22.96 per share at 12:20 pm AEST
Woodside Petroleum (WPL) has posted a 67 per cent jump in sales revenue as higher prices for natural gas and oil give buoyancy to the market.
For the three months ending June 30, Australia’s top independent gas producer achieved more than $1.28 billion in sales, representing a 15 per cent increase from the prior quarter.
The average realised price that Woodside saw for its products was $46 per barrel of oil equivalent (boe), up $2 from the first three months of 2021 and significantly higher than $28 last year.
“Revenue from oil sales during the period was higher than the first quarter supported by an above-market average realised price of $75 [per] barrel, while revenue from LNG sales climbed 14 per cent,” acting CEO Meg O’Neill said.
“Lower oil production due to scheduled maintenance activities and adverse weather impacts was partly offset by a strong quarterly performance at Pluto, which achieved 97 per cent reliability.”
In addition to the promising financial results, Woodside said it had formally launched the sell-down process of up to 49 per cent of Pluto’s Train 2 and is looking to cut its stake in Scarborough.
The company said it continues to review the increasing costs of the Scarborough and Pluto expansion project, which were previously pegged at $11.4 billion. A final investment decision for those projects is slated for later this year.
Woodside Petroleum is down 1.03 per cent to $22.96 per share at 12:20 pm AEST.