Woodside doubles sales revenue in Q1
Australia’s biggest gas producer Woodside on April 26 said its Q1 sales revenue came in at $2.36bn, more than double the year-ago figure of $1.12bn thanks to higher realised oil and LNG prices.
The company’s production was 22.3mn barrels of oil equivalent (mn boe), down from 23.7mn boe in the previous year. The average realised LNG price during Q1 was $93/boe, up from $40/boe in the same quarter of last year. The Sydney-listed company's realised oil price was $111/boe, up from $72/boe.
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Woodside’s sales volume came in at 25.5mn boe, down from 25.7mn boe in the previous year. “We expect in the second quarter to see the continued benefit of stronger pricing, reflecting the oil price lag in many of our LNG contracts,” CEO Meg O’Neill said.