Australia's Woodside Petroleum Ltd. on Oct. 18 reported around a 25% jump in third-quarter revenue, underpinned by rising output at the Wheatstone LNG project and higher oil and LNG prices.
Revenue rose to $1.16 billion for the quarter ended Sept. 30, compared with $923 million a year ago, the country's largest independent gas and oil producer said. RBC Capital Markets had estimated sales revenue of $1.31 billion for the third quarter of 2018.
Production came in at 23.1 million barrels of oil equivalent (MMboe) from 20.3 MMboe in the same period last year, putting the company on track to hit annual production of between 87MMboe and 91 MMboe.
Quarterly average realized prices rose 27.9% to $55/boe, boosting the Perth-based company's revenue.
"Production at Wheatstone LNG continued ahead of plan, underpinning a 13.8% rise in output compared with the corresponding quarter in 2017,” Peter Coleman, CEO, said.
Woodside had raised guidance in August after strong performances from the Wheatstone and Pluto LNG projects.
Wheatstone LNG, run by Chevron Corp. with partners including Woodside, has a total capacity of 8.9 mtpa. It is key to Woodside reaching its target of 100 MMboe annual output in 2020.
Longer term, Woodside is looking to capitalize on an LNG supply shortfall that some industry analysts see emerging from around 2022, with plans to develop its Scarborough gas project off northwestern Australia.