Woodside reports 67% jump in Q2 revenue
Australia's Woodside on July 15 said its sales revenue in the three months through June 30 (Q2) was up 67% year/year owing to higher realised oil, gas and condensate prices.
The company’s revenue rose to US$1.29bn from US$768mn a year earlier. Its revenue rose 15% quarter/quarter. Woodside said it produced 22.7mn barrels of oil equivalent during Q2, down from 25.9 boe in the same period last year. Output was impacted by bad weather and maintenance activity.
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Woodside’s acting CEO Meg O’Neill said that the company had launched the formal sell-down process for up to 49% of its equity in Pluto Train 2. “In parallel, we have commenced a process to test the market for value-accretive opportunities to reduce our equity in the Scarborough resource,” she added.
O’Neill said the company is reviewing updated cost estimates for Scarborough and Pluto Train 2. “We are reviewing project cost estimates following extensive engagement with our contractors over recent months in the lead up to the investment decision,” she added.
Woodside's realised price for its products in Q2 was US$46/boe, up from US$26/boe in the same quarter last year. The realised price was up 4.5% q/q.