Perth-based Woodside said its revenue for the first quarter dropped 8.8 percent due to lower production impacted by adverse weather conditions.
Woodside reported a revenue of US$895 million for the first three months of the year, down from the $982 million in the corresponding period a year ago.
Production reached 21.4 mmboe, down from 23.7 mmboe in the first three months of 2016, due to adverse weather conditions affecting the Australian portfolio.
Woodside noted in its report that LNG production facilities were hit by a “once in 50-year rainfall,” adding that the 2017 production guidance remains unchanged.
Despite the adverse conditions, Woodside reported a 90 percent production uptime for its Australian portfolio with North West Shelf onshore and offshore gas facilities achieving over 98 percent reliability.
The company noted that the average realized price increased from US$41/boe in the first three months in 2016 to $43/boe during the period under review.
Mid-term LNG sales deal executed
The company’s CEO Peter Coleman said Woodside executed mid-term LNG sales and purchase agreements for up to 16 cargoes for delivery between 2017 and 2019.
The company has also entered discussions with PT Pertamina of Indonesia to convert the heads of agreement LNG sale and purchase agreement.
Woodside reported that a total of 80 LNG cargoes were shipped during the first quarter from its operated NWS and Pluto liquefied natural gas export projects.
NWS project delivered 65 cargoes while the Pluto LNG facility delivered 15 cargoes during the quarter.
LNG World News Staff