Oil and gas giant Woodside (ASX:WPL)
delivered higher production and achieved stronger realised prices in Q4, resulting in sales revenue reaching $939 million in the fourth quarter.
Woodside CEO Peter Coleman said the fourth quarter results were underpinned by strong operational performance at Pluto LNG and the first shipment from Wheatstone LNG.
The Wheatstone LNG project commenced in October, with the first cargo delivered to Japanese buyers in November.
The company said it anticipates that the stronger oil prices experienced in the fourth quarter will flow through to higher realised LNG prices in the first quarter of 2018.
Peter Coleman said the company can expect a significant increase in annual LNG production in 2018, and anticipates to be cash flow neutral at $35 a barrel.
Shares in Woodside (ASX:WPL)
are trading 0.5 per cent lower at $33.48.