Oil and Gas News

Woodside achieves highest quarterly sales

Woodside HQ

Woodside reveals its highlights for the last quarter include increased sales revenue, alongside the execution of the merger with BHP and approved final investment decisions (FID) for the Scarborough and Pluto Train 2 projects. 

Woodside chief executive Meg O’Neill noted strong revenue was supported by increased product pricing, with the company recording US$2.85 billion in sales (AU$3.94 billion) – an 86 per cent jump from the previous quarter. 

“The 86 per cent increase in sales revenue for the quarter was underpinned by a 22 per cent increase in sales volume as well as significantly stronger average realised prices,” said O’Neill. 

“We achieved our highest quarterly sales revenue on record.” 

Woodside reported an average realised price of $90 per barrel of oil equivalent and a strong realised LNG price of $93 per barrel of oil equivalent. 

The company signed a binding share sales agreement for the merger of BHP’s oil ands portfolio with Woodside, which will increase the scale, diversity and resilience of the company’s portfolio. 

The merger has received informal clearance from The Australian Competition and Consumer Commission, and O’Neill expects to finalise the merger in the second quarter of 2022. 

FIDs were made to approve the Scarborough and Pluto Train 2 projects in November 2021, permitting new domestic gas facilities and modifications to Pluto Train 1. 

Woodside has entered into a sales and purchase agreement with Global Infrastructure Partners for the sale of a 49 per cent interest in Pluto Train 2. 

Quarter highlights also included the appointment of BHP’s Graham Tiver as Chief Financial Officer and Executive Vice President. 

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