Woodside reports 81% increase in revenue in Q1
Australia’s Woodside on April 21 reported an 81% year/year jump in sales revenue during the January-March quarter (Q1) driven by the expanded operations portfolio post-merger with BHP’s oil and gas business.
The company booked a sales revenue of $4.33bn compared with $2.4bn in the same quarter of the previous year. Production rose 122% yr/yr to 46.8mn boe while sales volume was 50.4mn boe, up 112% yr/yr.
On a quarter/quarter basis, Woodside’s revenue was down 16% due to lower production and lower realised prices. The output was lower q/q as the company carried out a planned turnaround of its Ngujima-Yin floating production storage and offloading unit, along with other maintenance.
Woodside said it is making good progress on all its projects. The Scarborough and Pluto Train 2 projects in Western Australia are now 30% complete, with the manufacturing of the export trunkline 86% complete and the first concrete poured for Pluto Train 2.
“We are making good progress on all major growth projects in Australia and globally. The Scarborough and Pluto Train 2 projects are now 30% complete, with construction of key offshore and onshore infrastructure ramping up. First concrete has now been poured on the Pluto Train 2 site. Engagement with stakeholders and regulators on secondary environmental approvals for offshore execution activities continued,” CEO Meg O’Neill said.
Woodside began construction on a second LNG train at its Pluto LNG onshore facility on the Burrup Peninsula last year. Once completed, the A$16bn LNG development will see gas from the offshore Scarborough field processed at Pluto LNG facility.
The Pluto Train 2 project will deliver around 1,400 petajoules of gas to the Western Australian market, through a new domestic gas production facility to be built at the Pluto site. It will have an LNG capacity of about 5mn mt/yr.
Last December, fellow Australian energy company Western Gas said it had teamed up with North West Shelf project participants and Pluto LNG to process up to 3mn metric tons/year of low CO2 gas from its Equus gas project offshore Western Australia for LNG export and the local market.