Woodside sales increase 25% on higher oil volumes, LNG price

7/16/2014

Woodside sales increase 25% on higher oil volumes, LNG price

JAMES PATON and DAVID STRINGER

PERTH, Australia (Bloomberg) -- Woodside Petroleum Ltd., Australia’s second-largest oil and gas producer, said second-quarter sales rose 25% on higher oil volumes.

Revenue rose to $1.68 billion from $1.35 billion a year earlier, the Perth-based company said in a statement. That compares with an estimate of $1.71 billion from UBS AG.

Production was 23.5 MMboe, compared with 20 million barrels a year earlier. The estimate from UBS was 22 million barrels.

Higher sales were “predominantly due to additional oil volumes sold primarily from Vincent and higher realized prices for Pluto LNG volumes sold in the period,” Woodside said in the statement.

Woodside is pushing ahead with overseas expansion after delays at its proposed Browse and Sunrise LNG projects in Australia. The company is looking at investments of as much as $5 billion, it said earlier this year.

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