By David Winning
SYDNEY--Woodside Petroleum Ltd. said higher realized prices for its oil and liquefied natural gas drove a 15% rise in second-quarter revenue, as it pushed ahead with plans to seek buyers for part of its stakes in growth projects in Africa and Australia.
Woodside reported sales revenue of US$1.29 billion in the three months through June despite output of 22.7 million barrels of oil equivalent representing a 4% drop compared to the prior quarter. Sales volumes rose by 9% on-quarter to 28.1 million barrels of oil equivalent.
"Revenue from oil sales during the period was higher than the first quarter supported by an above-market average realised price of US$75/barrel, while revenue from LNG sales climbed 14%," said Meg O'Neill, Woodside's acting chief executive.
Woodside said it has formally begun a process to sell part of its equity in the Sangomar oil project offshore Senegal after completing the acquisition of FAR Ltd.'s interest last week.
The company has also launched a formal selldown process for up to 49% of its equity in the second processing unit planned at its Pluto LNG facility.
"In parallel we have commenced a process to test the market for value-accretive opportunities to reduce our equity in the Scarborough resource," Ms. O'Neill said.
Woodside is continuing to target a final investment decision on Scarborough and Pluto Train 2 in the second half of this year, and is currently reviewing cost estimates for the projects.
Write to David Winning at email@example.com
(END) Dow Jones Newswires