Woodside’s Q1 revenue up as it logs record spot LNG price

Australia’s Woodside reported a 4 percent year-on-year rise in sales revenue on the back of higher realised prices, including record spot LNG price.

The Perth-based LNG firm said quarterly revenue increased to $1.12 billion from $1.08 billion a year ago.

In addition, sales revenue increased 22 percent compared to the previous quarter.

“Woodside achieved record spot LNG prices and its highest price premium for an oil cargo during the period. More importantly, the sustained increase in oil and gas prices reflects the rebound in demand as economic conditions improved across Asia,” acting chief executive Meg O’Neill said in a statement.

“The swift rebalancing of markets after the disruptions of 2020 further underpins our positive outlook for LNG in the medium term,” O’Neill said.

Woodside said JKM LNG price reached $11.40 per MMBtu in the first quarter, compared to $5.50 per MMBtu in the quarter before and $4.80 per MMBtu in the same quarter last year. The firm also said in the prior quarterly report it had agreed its highest-ever spot LNG price for delivery in the coming quarter.

Asian LNG prices have earlier this year skyrocketed due to a cold snap to more than $30 per MMBtu with one deal reportedly reaching $39.30 per MMBtu.

The Australian firm said its average LNG price reached 40$/boe in the first quarter. This compares with 28$/boe in the fourth quarter and 47$/boe in the same quarter last year.

Looking at production, Woodside’s output declined to 23.7 million barrels of oil equivalent when compared to 24.2 mmboe in the same period last year. Woodside attributed the decline to “heavy weather” in the quarter.

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