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.

- Advertisements -

Most Popular

QatarEnergy picks shipowners for 18 giant LNG carriers

LNG giant QatarEnergy has selected shipowners to own and operate 18 Q-Max LNG carriers as part of its massive...

Canada’s FortisBC, Seaspan win provincial approval for Tilbury LNG jetty

Canadian utility and operator of the Tilbury LNG facility in the province of British Columbia, FortisBC, and its partner...

VTTI, IKAV to take majority stake in Italy’s Adriatic LNG terminal

Rotterdam-based storage terminal owner VTTI, co-owned by Vitol, IFM, and Adnoc, joined forces with German asset manager IKAV to...

More News Like This

Woodside, LNG Japan wrap up Scarborough stake sale

Australian LNG player Woodside has completed the previously announced sale of a 10 percent non-operating participating interest in the...

Woodside, Kogas seal long-term LNG supply deal

Australian LNG player Woodside has signed a long-term LNG supply deal with South Korean importer Kogas. The sales and purchase...

Woodside CEO: LNG demand to rise 53 percent in next decade

Global demand for liquefied natural gas (LNG) is forecast to grow 53 percent in the coming decade between now...

Woodside’s profit dips in 2023

Australian LNG producer Woodside reported a 74 percent drop in its 2023 profit due to lower prices. The Perth-based firm,...