Woodside’s quarterly sales revenue surges

Australian LNG player Woodside said its sales revenue rose 86 percent in the fourth quarter, boosted by higher realized prices.

The Perth-based company said fourth-quarter revenue increased to $2.85 billion from $920 million a year ago and $1.53 billion in the prior quarter.

This marked the highest quarterly sales revenue on record for Woodside.

In addition, Woodside reported sales volume of 31.8 MMboe, up 22 percent from the prior quarter.

According to Woodside, its average LNG price reached $93 per barrel of oil equivalent in the fourth quarter. This compares with $57/boe in the third quarter and $28/boe in the same quarter last year.

Woodside said in November it had signed a binding merger agreement with BHP’s oil and gas business. On the same day, it also took a final investment decision on the Scarborough and Pluto LNG Train 2 developments worth about $12 billion.

CEO Meg O’Neill said the 86 percent increase in sales revenue for the quarter was underpinned by a 22 percent increase in sales volume as well as “significantly stronger” average realized prices.

“The upward trajectory in global oil and gas prices resulted in a portfolio realized price of $90 per barrel of oil equivalent and a strong realized LNG price of $93 per barrel of oil equivalent. This increase in realized price demonstrates the continued strong demand for LNG and improvement in the trading environment over the course of 2021,” O’Neill said.

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