Woodside Sees Q3 Revenues Decline

Australian Woodside has recorded a 42% yr/yr drop in revenue during the three months to September 30 (Q3), on the back of weaker oil and gas prices, it said on October 22. 

The company generated $699mn in sales revenues during period, versus $1.16bn a year earlier. For the quarter, the average realised price for its products was $26/barrel of oil equivalent (boe), down from $50/boe from the year-ago period.

“As expected, sales revenue in the third quarter was impacted by lower realised LNG prices, reflecting the oil price lag in many of our contracts,” CEO Peter Coleman said. “Pricing in the fourth quarter and in Q1 2021 is expected to be stronger given the improvement in oil price in recent months. In particular, I am encouraged by the strengthening Asian LNG spot price, which is now above $6.50/mn Btu for December deliveries.”

Woodside produced 25.3mn boe in Q3, up from 24.9mn boe from the year-ago period, while sales volumes totalled 26.7mn boe, up 10% yr/yr.