Woodside Quarterly Revenue Drops 46% Due to Lower Gas Prices

Woodside on Thursday reported a 46 percent drop in second quarter sales revenue due to lower oil and gas prices.

Second quarter revenue stood at $898 million compared with $1.68 billion in same period last year.

Production volumes decreased 14.5 percent on year to 20.1 MMboe predominantly due to lower LNG production associated with a planned turnaround at Pluto.

Relative to first quarter of 2015 production volumes decreased 7.8 percent predominantly due to lower LNG volumes at Pluto associated with a planned turnaround and lower LNG volumes at North West Shelf (NWS) associated with an unplanned outage, Woodside said in a statement.

Sales volumes decreased 18.4 percent compared with first quarter due to lower LNG production and associated condensate production, as well as the timing of shipments.

Sales revenue for the quarter vis-à-vis first quarter of 2015 was 36.2 percent lower reflecting lower LNG and condensate sales volumes and lower realised prices.

LNG revenue is largely indexed to an approximate four-month lagged Japanese Custom Cleared (JCC) price, which averaged about $64/bbl for the quarter, 35 percent below $99/bbl average price of the previous quarter, the Perth based company said.