Woodside Petroleum (ASX:WPL) reports Q1 sales revenue up 22%

Company News

by Melissa Darmawan

Woodside Petroleum (ASX:WPL) reports their first quarter sales revenue rose 22 per cent compared to the same time in 2020 on the back of higher realised prices for all products.

Sales revenue grew 4 per cent to $1.12 billion from the first quarter of 2020, sales volumes increased by 8 per cent to 25.7MMboe though its production is down 2 per cent compared to this time last year at 23.7MMboe.

Acting CEO Meg O’Neill said that “production on our oil assets was impacted by heavy weather in the quarter but this was offset by an increase in our average realised price to a level comparable to Q1 2020”.

“Woodside achieved record spot LNG prices and its highest price premium for an oil cargo during the period. More importantly, the sustained increase in oil and gas prices reflects the rebound in demand as economic conditions improved across Asia” said acting CEO Meg O’Neill.

Shares in Woodside Petroleum (ASX:WPL) are trading 1.09 per cent lower at $22.75.