Oil and gas giant Woodside Petroleum (ASX:WPL)
reports a 15 per cent surge in sales revenue from the first quarter of 2021 of $1.285 billion despite its production falling 4 per cent, thanks to a recovery in oil prices.
Woodside acting chief executive officer Meg O’Neill said higher realised prices in the second quarter of 2021 helped underpin a 15 per cent rise in sales revenue compared with the first three months of the year.
The average realised price of $46 per barrel of oil equivalent was received in the June quarter, up $2 from the previous quarter and higher than $28 which was posted last year.
Production output fell 4 per cent due to adverse weather conditions and scheduled maintenance activities. The company produced 22.7 million barrels of oil equivalent in the quarter versus 25.9 million barrels of oil equivalent.
Woodside also delivered sales volume of 28.1 million barrels of oil equivalent, a 9 per cent boost from the previous quarter.
The nation’s leading gas producer also said it had begun the sell-down process of up to 49 per cent of their equity in the $11.4 billion Pluto liquefied natural gas plant. In parallel to this, they are looking to divest its stake in their Scarborough resource.
Shares in Woodside Petroleum (ASX:WPL)
are trading 0.45 per cent lower at $23.095.