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Woodside Petroleum Q1 revenue rises 4 pct on higher prices

Reuters

April 18 () - Australia'sWoodside Petroleum Ltd on Thursday posted a 4 percent rise in first-quarter revenue on higher realised prices for its oil and gas.

Revenue rose to $1.22 billion for the three-months ended March 31, compared to $1.17 billion a year ago.

Australia's largest listed oil and gas explorer said total production for the quarter came in at 21.7 million barrels of oil equivalent (mmboe), down from 22.2 mmboe a year earlier.

The Wheatstone venture, run by Chevron Corp and in which Woodside has a 13 percent stake, ramped up the firm's LNG output as its first domestic gas production began during the quarter.

Wheatstone is expected to contribute more than 13 mmboe to the company's annual output once it is fully operational.

The firm's shares climbed 10.5 percent in the first quarter of 2019, in conjunction with a 27 percent rise in oil prices over the same period spurred mainly by supply curbs.


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