Woodside reports 3Q15 results

Woodside Petroleum Ltd has announced its 3Q15 results, reporting a 44.6% decline in sales revenue compared to the corresponding period of last year.

Sales volumes also fell 1.6% compared to 3Q14, but production volumes increased 0.4% due to oil production from the Balnaves oil asset, which commenced production for Woodside effective from April 2015. This was partially offset by lower LNG and associated condensate production at North West Shelf (NWS) due to a planned LNG Train 5 maintenance turnaround, which was completed ahead of schedule during the quarter. 

Relative to the previous quarter (2Q15), Woodside’s sales revenue for 3Q15 climbed 20.9% due to higher LNG and condensate sales volumes and higher oil sales volumes. The company’s production volumes were up 25.9% in 3Q15 compared to 2Q15, due to higher LNG and associated condensate volumes at Pluto.

During 3Q15, Woodside completed capacity enhancement activities during the Pluto turnaround, resulting in current production rates exceeding the 4.3 million tpy nameplate capacity by 3%. The company also achieved record continuous LNG production runtime of 110 days (123 days as at 13 October and continuing) at NWS Project Karratha Gas Plant. Woodside also received Commonwealth environmental approval from the Department of Environment for the proposed Browse FLNG Development.

Edited from press release by Callum O'Reilly

Read the article online at: https://www.lngindustry.com/liquefaction/15102015/woodside-reports-3q15-results-1465/