Woodside Petroleum lifts Q2 revenue 20pct
Woodside Petroleum said on Thursday that revenue in the second quarter rose 20 per cent, helped by the ramp up of the Wheatstone liquefied natural gas (LNG) project and higher oil prices.
Australia's largest listed oil and gas explorer said that production for the quarter ended June 30 rose to 22.1 million barrels of oil equivalent (mmboe), from 20.7 mmboe a year ago.
Sales revenue for the quarter was $US1.08 billion ($A1.46 billion), compared to $US867 million ($A1.2 billion) a year ago.
Production started in June from the second of two trains at the Chevron-operated Wheatstone LNG venture, which is located of the Western Australia coast and in which Woodside has a 13 per cent stake.
"Wheatstone Train Two has achieved high production rates, building on the continuing operational success at Train One," Woodside chief executive Peter Coleman said in the quarterly report.
"Output from Wheatstone, along with oil and gas from the Greater Enfield and Greater Western Flank Phase Two developments, will contribute to targeted production of approximately 100 mmboe in 2020."
Oil prices rose about 13 per cent over the June quarter, spurred mainly by concerns over production cuts.
Woodside shares were down 14 cents, or 0.4 per cent, to $34.36 at 1054 AEST.
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