Woodside Petroleum Ltd says third quarter production volumes grew by five per cent, while sales revenue was down four per cent on the previous quarter.
The West Australian-based company says sales revenue in in the third quarter of 2010 increased 15 per cent on the same quarter last year, primarily as a result of improved commodity prices.
Production volumes fell 11 per cent when compared with the third quarter of 2009, largely due to the sale of Woodside’s interest in the Otway Gas Project and natural oil field decline.
Woodside said on Friday the higher volumes compared with the second quarter of 2010 were largely driven by the North West Shelf (NWS), with record liquefied natural gas (LNG) and liquefied petroleum gas (LPG) production, plus increases in condensate, North West Shelf oil and pipeline gas.
Oil production at Vincent also increased due to higher facility uptime, the company said. The fall in sales revenue in the third quarter was due to one-off payments arising from the settlement of some LNG price negotiations included in the second quarter results, Woodside said in a statement.
“This comparative reduction in the Q3 2010 revenue was partially offset by increased sales volumes and higher underlying LNG prices,” the company said.
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Source: Woodside, October 22, 2010