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Woodside Petroleum Limited today released its third quarter result for three months ended 30 September 2018. The company has delivered increased LNG production of 23.1 MMboe in Q3 2018, higher than previous corresponding periodâs 20.3 MMboe. This increase of 13.8% in production is underpinned by massive contribution from Wheatstone LNG as it produced ahead of plan after its re-start in August 2018.
Driven by the higher prices, the sales revenue has gone up 25.4% to $1,157 million from $923 million in previous corresponding period and $1,082 million in previous June 2018 quarter.
Woodside CEO Peter Coleman stated that the company has shown significant progress on its near-term growth projects at Greater Western Flank Phase 2 and Greater Enfield completed 72%, that well demonstrates the companyâs capability to execute the next phase of developments in Senegal and the Burrup Hub. Â
The company has recently announced the US-based Bechtel engineering group as preferred contractors for the proposed brownfield expansion of Pluto LNG Facility located on the Burrup Peninsula in Western Australia. The company intends to prepare front-end engineering and design (FEED) contract for entry due in first quarter of 2019. The work will include the development of concept to derive the suitability for the cost and construction of LNG train 2 at Pluto.
In September this year the Browse joint venture has started concept definition phase for Browse to North West Shelf. The development in Woodside Petroleumâs projects also include the submission of SNE Phase 1 evaluation report to the Government of Senegal in July 2018. The management told that SNE Field joint venture remains on track to submit SNE field development to the Senegal Government and enter FEED in fourth quarter of 2018. Whereas, Scarborough gas field is engaged in concept definition studies and in selecting FEED contractors to support targeted FEED entry in Q1 2019.
On near-term growth projects front, Woodside Petroleum told that Greater Western Flank Phase 2 has been completed 98% at the end of the September quarter while the project is on track to commission and startup in Q4 2018. Further during September 2018 quarter, the company has Delivered the 5,000th North West Shelf Project LNG cargo and achieved 99% reliability at the enfield oil Nganhurra FPSO
Despite reporting better than previous performance in September quarter, the share price of Woodside Petroleum Limited has plunged by 0.826% to close at $36.0 on 18 October 2018. The stock has seen a positive performance change of 23.34% over the past 12-month period whereas in the last one month to 18 October 2018, WPL stock has fallen by 2.08%. Today, it last traded a PE of 22.920 x with market capitalization of $33.98 billion.
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