Woodside’s revenue drops on lower LNG prices

Australia’s Woodside reported a 42 percent year-on-year plunge in sales revenue due to lower realised LNG prices, but expects stronger prices this quarter.

The Perth-based LNG firm said revenue dropped to $699 million from $1.16 billion a year earlier. It also declined 9 percent from the previous quarter.

Despite the slide in revenue, Woodside’s output rose to 25.3 million barrels of oil equivalent from 24.9 mmboe last year.

Earlier this year, Woodside slashed jobs and placed its two projects on hold as oil and LNG prices crashed due to the Covid-19 pandemic.

“As expected, sales revenue in the third quarter was impacted by lower realised LNG prices, reflecting the oil price lag in many of our contracts,” Woodside chief Peter Coleman said.

However, Coleman expects stronger prices in the fourth quarter and in the first quarter next year given the improvement in oil price in recent months.

“In particular, I am encouraged by the strengthening Asian LNG spot price, which is now above $6.50/MMBtu for December deliveries,” he said.

Most Popular

Excelerate in $700 million senior notes offering

US FSRU player Excelerate Energy aims to raise about $700 million via an offering of unsecured senior notes due 2030.

Adnoc, ENN seal 15-year LNG SPA

UAE’s Adnoc has signed a 15-year sales and purchase agreement with Chinese independent gas distributor ENN to supply the latter with LNG from its LNG terminal in Al Ruwais.

Santos: PNG LNG shipped 28 cargoes in Q1

The ExxonMobil-operated PNG LNG project in Papua New Guinea shipped 28 cargoes of liquefied natural gas in the first quarter of 2025, up by one cargo compared to the same quarter last year and one cargo less compared to the prior quarter, according to shareholder Australia’s Santos.

More News Like This

Woodside, Uniper ink Louisiana LNG supply deal

Australia's Woodside has signed LNG sale and purchase agreements with Germany's Uniper to supply the latter from its planned Louisiana LNG project and its global portfolio.

Woodside in LNG supply talks with Germany’s Uniper

Australian LNG player Woodside confirmed on Wendesday it is in talks with Germany's Uniper over a potential LNG supply deal.

Woodside names Sarah Bairstow as Louisiana LNG head

Australian LNG player Woodside has appointed Sarah Bairstow to lead its Louisiana LNG project.

Stonepeak to take 40 percent stake in Woodside’s Louisiana LNG project

Australian LNG player Woodside has signed a binding deal with US private equity firm Stonepeak to sell 40 percent of its Louisiana LNG project.