Rig Stock – Woodside’s revenue up 4% in Q1
Woodside’s revenue up 4% in Q1
Australia’s Woodside on April 22 said its sales revenue in the three months through March 31 (Q1) was up 4.2% year/year owing to higher realised oil, gas and condensate prices.
The company’s revenue rose to US$1.12bn from US$1.08bn a year earlier. Its revenue rose 22% quarter/quarter. Woodside said it produced 23.7mn barrels of oil equivalent during the period, down 2% yr/yr.
Woodside’s realised gas price in Q1 was US$2.7/gigajoule, up from US$2.3/gigajoule in the same period of last year. The condensate price was US$67/b as against US$45/b while the oil price was US$72/b, up from US$52/b. However, the average sales price for LNG during Q1 fell to US$6.9/mn Btu from US$8.1/mn Btu a year earlier.
Regarding operations in Myanmar, Woodside said demobilisation of its offshore personnel is complete, including a team under contract from Transocean, following the completion of the recent drilling campaign.
“Until there is an improved, politically stable outlook for Myanmar, Woodside will keep all business decisions under review,” it said.
The company had in February said it is reducing its presence in Myanmar in response to human rights violations by the military, which carried out a coup on February 1.
Woodside does not have any producing assets in Myanmar. It plans to develop offshore Block A-6 which covers approximately 10,000 km2 in water depths of up to 2,400 m. The A-6 development concept includes the drilling of up to 10 deep-water wells.
Rig Stock – Woodside’s revenue up 4% in Q1]
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