Woodside’s Q2 sales revenue surges

Australian LNG player Woodside said its sales revenue more than doubled in the second quarter, boosted by higher realized prices.

The Perth-based company said second quarter revenue increased to $3.43 billion from $1.32 billion a year ago and $2.35 billion in the prior quarter.

Woodside, 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 35.8 MMboe. This compares to 23.8 MMboe in the prior quarter and 28.1 MMboe in the corresponding quarter.

In addition, production rose to 33.8 MMboe, up 49.1 percent year-on-year and a 21.1 percent rise compared to the prior quarter.

Production and sales rose primarily due to the inclusion of the BHP petroleum assets from June 1, Woodside said.

The firm said its average LNG produced price reached $13.8 per MMBtu in the second quarter, compared to $14.6 per MMBtu in the prior quarter and $7.3 per MMBtu in the same quarter last year.

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

LNG produced price, which excludes any additional benefit attributed to produced LNG through third-party trading activities, was at $21.5 per MMBtu in the second quarter.

This compares with $22.6 per MMBtu in the first quarter and $6.8 per MMBtu in the same quarter last year.

Construction begins on second Pluto LNG train

Woodside took the final investment decisions on the Scarborough and Pluto Train 2 projects in November last year.

Besides the second train, the approval also includes new domestic gas facilities and modifications to the first Pluto 4.9 mtpa train on Western Australia’s Burrup Peninsula.

Pluto Train 2 will process gas from the Scarborough offshore gas resource and have a capacity of about 5 mtpa.

The train will get gas from the gas field, located about 375 km off the coast of Western Australia, through a new trunkline long about 430 km. Also, the field has about 11.1 trillion cubic feet of dry gas, according to Woodside.

Woodside’s CEO Meg O’Neill said in the quarterly report that “all major equipment items for Scarborough have been procured and construction has begun at the Pluto Train 2 site.”

“First steel for Scarborough’s floating production unit topsides was cut, pipeline manufacturing is 25 percent progressed and the subsea trees for initial start-up of the project are all complete,” she said.

O’Neill also added that “accelerated Pluto gas transported through the Pluto-Karratha gas plant interconnector has resulted in additional LNG production and sales of uncontracted cargoes in a high-priced market.

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