Woodside’s Q2 revenue jumps

Australian LNG firm Woodside reported a 67.3 percent year-on-year rise in sales revenue on the back of higher realised prices.

The Perth-based company said second-quarter revenue increased to $1.29 billion from $768 million a year ago.

In addition, sales revenue increased 15 percent compared to the previous quarter.

Woodside acting CEO Meg O’Neill said higher realised prices in the second quarter of 2021 helped underpin a rise in sales revenue compared with the first three months of the year.

“Revenue from oil sales during the period was higher than the first quarter supported by an above-market average realised price of $75/barrel, while revenue from LNG sales climbed 14%,” O’Neill said.

The Australian firm said its average LNG price reached 41$/boe in the second quarter. This compares with 40$/boe in the first quarter and 29$/boe in the same quarter last year.

Looking at production, Woodside’s output declined to 22.7 million barrels of oil equivalent when compared to 25.9 mmboe in the same period last year. Production also dropped 4% when compared to the previous quarter.

Woodside attributed the decline to “scheduled maintenance activities and adverse weather impacts.”

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