LNG Boosts Oz Woodside’s Revenue

Australian major Woodside Energy saw its revenue climb in the March quarter following strong performances from its Western Australian LNG operations, the company said April 18. “Output from Wheatstone underpinned an increase in LNG production in the first three months of this year, while revenue climbed 18% quarter-on-quarter to $1,169mn,” Woodside CEO Peter Coleman said.

He said that the quarter was highlighted by the recently commissioned Wheatstone LNG train 1 achieving steady production and demonstrating production rates above nameplate capacity.

“Train 2 at Wheatstone is close to completion and is expecting to start producing LNG this quarter. Once both LNG trains and the domestic gas facility are fully operational, Wheatstone will contribute more than 13mn barrels of oil equivalent of annual production,” he said.

The Chevron-operated Wheatstone LNG, which saw first production from its first train in October last year, generated $42mn in sales revenue for Woodside (which holds a 13% interest), up from $7.7mn in the December quarter, the company said.

Woodside also saw strong sales revenue growth from LNG from its Pluto and North West Shelf projects. Pluto’s LNG generated it $536.1mn, up from $428.1mn a year earlier and from $442.8mn in the December quarter. NWS LNG brought in $276.1mn in sales revenue, up from $192mn in the same period a year before and from $266.2mn in October-December, the company said.