Woodside’s Pluto LNG hits new milestone, Q4 revenue surges

Australia’s Woodside reported a jump in its fourth-quarter sales revenue on the back of record production, while its Pluto LNG terminal in the Pilbara region of Western Australia achieved another milestone since its launch in 2012.

Woodside said its fourth-quarter sales revenue rose 77.6 percent year-on-year to $5.16 billion in the fourth quarter but it dropped 11.9 percent compared to $5.86 billion in the prior quarter.

The Perth-based firm, which is now a top 10 global independent energy company by hydrocarbon production after the completion of the merger with BHP’s oil and gas business, reported sales volume of 52.2 MMboe.

This compares to 57.1 MMboe in the prior quarter and 31.8 MMboe in the corresponding quarter.

In addition, production rose to record of 51.6 MMboe, up by 77.6 percent year-on-year and a 0.7 percent rise compared to the prior quarter.

Woodside achieved record full-year 2022 production of 157.7 MMboe, outperforming the production guidance of 153 – 157 MMboe due to strong operational performance in the fourth quarter.

The firm said its average LNG produced price reached $20.3 per MMBtu in the the fourth quarter, compared to $19.1 per MMBtu in the prior quarter and $15.1 per MMBtu in the same quarter in 2021.

These realized prices include the impact of periodic adjustments reflecting the arrangements governing Wheatstone LNG sales, the firm said.

LNG traded price, which excludes any additional benefit attributed to produced LNG through third-party trading activities, was at $24.2 per MMBtu in the fourth quarter.

This compares with $32.7 per MMBtu in the third quarter and $18.2 per MMBtu in the same quarter in 2021.

Pluto LNG

Woodside’s Pluto LNG terminal currently has one train with a capacity of 4.9 mtpa but Woodside and US engineer Bechtel started building the second train last year with a similar capacity at the plant.

In November 2021, Woodside took a final investment decision on the Scarborough and Pluto LNG Train 2 developments worth about $12 billion.

The approval also includes new domestic gas facilities and modifications to the first train.

Pluto LNG hit a milestone of 700 cargoes last year and now the facility has produced more than 50 million tonnes of LNG since it started up in 2012, Woodside said on Wednesday.

According to Woodside, the Scarborough and Pluto LNG Train 2 developments were 25 percent complete at the end of the fourth quarter, targeting first LNG cargo in 2026.

As per the Scarborough project, pipeline manufacturing is 59 percent complete and 92 percent of tagged equipment has been ordered for the floating production unit (FPU).

Woodside also said it had signed binding agreements with Greece’s Maran Gas Maritime for the long-term charter of two newbuild LNG carriers.

The firm said that these ships would support the delivery of Scarborough LNG cargoes and growth in trading activities.

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