Woodside Reports 16% Rise in Revenues on Higher LNG Prices

Woodside Petroleum has reported a 15.9% on year jump in revenues in first quarter buoyed by higher LNG price from Pluto.

Revenues for the March quarter stood at $1.68 billion, up from $1.45 billion in the same period a year earlier. Output rose 5 per cent to 23 million barrels of oil equivalent from 21.9 million.

During the quarter Woodside signed two sale and purchase agreements (SPA) with Korea Gas Corp (Koga) and Chubu Electric. In addition an SPA for three years and up to six cargoes was executed with Kansai Electric in March 2014.

“These deals are illustrative of strong market conditions and allow for LNG to be supplied from Pluto LNG and other sources, providing commercial flexibilities to Woodside,” the company said.

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