Woodside Petroleum Reported 4% Revenue Growth in the First Quarter of 2019


Energy company, Woodside Petroleum Ltd (ASX: WPL) has made significant progress in its operating plans during the March quarter. The company has reported revenue growth of 4% for the 2019 March quarter compared with the corresponding period in 2018.

In the March quarterly report released on Thursday, the company informed that it has delivered a sales revenue of $1,221 million and production of 21.7 MMboe during the quarter. The company’s revenue increased by around 4% compared with the previous corresponding period, mainly driven by the higher realised prices. The revenue was achieved despite of disruption from cyclone activity as the company successfully minimized the impact of the cyclone on production.

During the March quarter, the company made significant progress on plans to develop the Burrup Hub, including a heads of agreement (HOA) with ENN Group that further demonstrated market support for the development of the Scarborough gas resource through an expansion of Pluto LNG. During the quarter, the company completed the construction of the Pluto truck loading facility and now that facility is component of Woodside’s strategy to develop domestic LNG use in remote power generation and road and marine transport in the Pilbara region.

The company also made progress with its Horizon II growth plans with the award of several contracts for Scarborough and the first phase of the SNE development offshore Senegal. During the 2019 March quarter, the company awarded 4 contracts for front-end engineering design (FEED) activities for the proposed Scarborough Project and each contract included an option to progress to execute phase activities.

Subsequent to the quarter, the company signed a heads of agreement (HOA) with ENN Group for the sale of 1.0 Mtpa of LNG for a period of 10 years, commencing in 2025. The ten-year HOA is expected to start in 2025 and is evidence of global demand for long-term LNG supply from the company’s proposed Burrup Hub.

During the quarter, the company issued a $1,500 million Rule 144A/Regulation S senior unsecured bond with a coupon of 4.50% and a term of ten years. The bond matures in March 2029.

While commenting on the quarterly results, the company’s CEO Peter Coleman told that the company is pioneering the development of new domestic markets for LNG in Western Australia. He further reminded that the company has completed the new truck loading facility at Pluto LNG and it will supply LNG for use in remote power generation and transport in the Pilbara and beyond which will reduce regional emissions through the replacement of diesel fuel.

Further, the company has reached a significant milestone in March with the start of domestic gas production at Wheatstone.

In the past six months, the share price of the company decreased by 2.75% and it is trading at a PE ratio of 16.930x. At the time of writing, i.e., on 18 April 2019 AEST 11:36 AM, the stock of the company was trading at a price of A$35.640, up by 0.963% during the day’s trade with the market capitalisation of ~A$33.05 Bn.


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