Woodside Petroleum quarterly revenue rises on higher prices
Woodside Petroleum on Thursday posted a 4 per cent rise in first-quarter revenue on higher realised prices for its oil and gas.
Revenue rose to $US1.22 billion for the three months ended March 31, compared to $US1.17 billion a year ago.
Australia's largest listed oil and gas explorer said total production for the quarter came in at 21.7 million barrels of oil equivalent (mmboe), down from 22.2 mmboe a year earlier.
The average realised price for the quarter ending March 31 rose to $US56 per boe from $US51 per boe a year ago.
The Wheatstone venture, run by Chevron Corp and in which Woodside has a 13 per cent stake, ramped up the firm's LNG output as its first domestic gas production began during the quarter.
Wheatstone is expected to contribute more than 13 mmboe to the company's annual output once it is fully operational.
The firm's shares climbed 10.5 per cent in the first quarter of 2019, in conjunction with a 27 per cent rise in oil prices over the same period spurred mainly by supply curbs.
Reuters