Woodside Sales Increase 25% on Higher Oil Volumes, LNG Price

Woodside Petroleum Ltd. (WPL), Australia’s second-largest oil and gas producer, said second-quarter sales rose 25 percent on higher oil volumes.

Revenue rose to $1.68 billion from $1.35 billion a year earlier, the Perth-based company said today in a statement. That compares with an estimate of $1.71 billion from UBS AG. (UBSN)

Production was 23.5 million barrels of oil equivalent, compared with 20 million barrels a year earlier. The estimate from UBS was 22 million barrels.

Higher sales were “predominantly due to additional oil volumes sold primarily from Vincent and higher realized prices for Pluto LNG volumes sold in the period,” Woodside said today in the statement.

Woodside is pushing ahead with overseas expansion after delays at its proposed Browse and Sunrise liquefied natural gas projects in Australia. The company is looking at investments of as much as $5 billion, it said earlier this year.

To contact the reporter on this story: James Paton in Sydney at jpaton4@bloomberg.net

To contact the editors responsible for this story: Jason Rogers at jrogers73@bloomberg.net Edward Johnson

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