UPDATE 1-Australia's Woodside Petroleum posts 6.8 pct drop in Q2 output
Reuters
Published Jul 20, 2017 10:07
UPDATE 1-Australia's Woodside Petroleum posts 6.8 pct drop in Q2 output
(Adds)
July 20 (Reuters) - Woodside Petroleum WPL.AX reported a 6.8 percent fall in oil and gas output in the June quarter due to planned and unplanned outages and a previously flagged reduction in its share of pipeline gas from the North West Shelf.
Australia's biggest independent oil and gas producer said production fell to 20.7 million barrels of oil equivalent (mmboe) in the second quarter from 22.2 mmboe in the same quarter last year.
Second-quarter revenue rose to $867 million from $825 million a year earlier, but missed a forecast of $976 million from Royal Bank of Canada. Quarterly sales volumes fell 3.8 percent to 20.3 mmboe.
The final commissioning of the Wheatstone LNG Train 1, Woodside's main source of short-term growth, is well advanced and nearing completion, it said. Operator Chevron Corp (NYSE:CVX) CVX.N has said it is due to start producing in the middle of this year.
Woodside bought a stake in the $34 billion Wheatstone project in 2015, and it is set to contribute more than 13 mmboe to Woodside's annual output when complete.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.