- Woodside Petroleum (WPL) has recorded an increase in sales revenue over the fourth quarter on the back of higher oil and gas prices
- The energy giant released its latest quarterly report on Thursday, showing it netted $920 million in revenue — a 32 per cent increase on Q3
- Delivered production dropped 2 per cent quarter-on-quarter, however, annual production rose 12 per cent in 2020 compared to 2019
- Activities wise, the company acquired a project in Senegal and doubled the amount of LNG to be supplied to Uniper via its Singapore subsidiary
- Looking ahead, Woodside expects further oil and gas price recovery after the ASX-20 lister signed its highest-ever spot LNG price
- Its production guidance for 2021 is between 90 MMboe and 95 MMboe
- Shares in WPL are trading down a slight 0.47 per cent at $27.27 each
Woodside Petroleum’s (WPL) sales revenue has been boosted by a surge in global oil and gas prices.
The energy giant has released its fourth quarter report for 2020, showing it netted $920 million in revenue over the period — a 32 per cent increase from Q3.
Sales volume increased accordingly, with 29.1 million barrels of oil equivalent (MMboe) sold in Q4 compared to 26.7 MMboe sold over Q3.
Meanwhile, delivered production totalled 24.9 MMboe in Q4, representing a 2 per cent decrease quarter-on-quarter.
When compared annually though, the ASX-20 lister notched up 100.3 MMboe in delivered production over 2020 — a record increase of 12 per cent.
Activities wise, the December quarter saw Woodside complete its US$300 million (around $387 million) acquisition of Cairn’s interest in the Sangomar Field Development in Senegal.
The oil and energy giant also doubled the amount of LNG to be supplied to Uniper Global Commodities from 2021, under a deal via its subsidiary Woodside Energy Trading Singapore.
Commenting on the fourth quarter’s activities, CEO Peter Coleman said significant project growth was recorded.
“Production licences were awarded for the processing of Scarborough gas through an expanded Pluto facility and we remain on track for a targeted final investment decision on the development in the second half of this year,” he said.
“Late in the quarter, the North West Shelf Project participants executed fully termed agreements to process third-party gas from Pluto and Waitsia, marking the first step towards securing the long-term future of Australia’s first and largest LNG plant as a tolling facility,” he added.
Looking ahead the CEO expects further oil and gas price recovery in 2021, after the ASX-20 lister signed its highest-ever spot LNG price.
“Oil and gas prices have strengthened considerably heading into the first quarter of 2021. We agreed to our highest ever spot LNG price for delivery in the coming quarter, surpassing our previous record set in 2012,” Peter said.
The energy giant also released production guidance for 2021, landing between 90 MMboe and 95 MMboe.
Shares in Woodside Petroleum are trading down a slight 0.47 per cent at $27.27 each at 11:57 am AEDT.