By Rhiannon Hoyle
Woodside Petroleum Ltd. reported a 19% jump in sales revenue in the third quarter of 2021, versus the preceding quarter, because of stronger prices for its liquefied natural gas amid an energy supply shortage.
The company Thursday said sales revenue totaled $1.53 billion for the three months through September, despite a 2% fall in production quarter-on-quarter as Woodside undertook planned maintenance activities at the North West Shelf project and Pluto LNG.
Natural gas prices have surged in recent months, as economies have bounced back from pandemic shutdowns.
"Global oil and gas prices have continued their upward trajectory, underlining the rebound in demand as economic activity has picked up in Asia and elsewhere," said Chief Executive Meg O'Neill.
"In addition, short-term gas hub prices in Europe and Asia have experienced unprecedented and sustained increases in both value and volatility with pricing indices in both markets recently reaching all-time highs," she said.
Ms. O'Neill said Woodside expects to benefited from stronger pricing in the fourth quarter, reflecting the oil-price lag in many of its contracts and recent increases in gas-hub prices.
Write to Rhiannon Hoyle at email@example.com
(END) Dow Jones Newswires
October 20, 2021 18:51 ET (22:51 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.