Woodside's 2Q Production Declines

Australia's Woodside Petroleum Ltd.'s second quarter petroleum production fell 8.6 percent compared to the previous quarter, with the company attributing the decline to planned maintenance at the North West Shelf and Pluto Liquefied Natural Gas (LNG) developments as well as an unplanned shutdown at Pluto LNG.

Second quarter production by the company stood at 20 million barrels of oil equivalent (MMboe), compared to 21.9 MMboe in the previous quarter, while revenue fell to $1.345 billion from $1.445 billion in the corresponding period, the company said in a press release.

Woodside's production fell 0.1 MMboe or 0.6 percent compared to the corresponding quarter last year, while revenue dipped 6 percent to $1.345 billion from $1.431 billion in the same period.

"Production volumes were in line with the corresponding period. Sales revenue decreased 6 percent predominantly due to lower oil volumes as a result of the Vincent floating production storage and offloading (FPSO) being off station for planned shipyard maintenance. This resulted in lower average realized prices. The average Brent price for the quarter was $103.35 per barrel, down from $108.76 per barrel in the corresponding period," Woodside said in the press release.

Earlier this month, Woodside downgraded its 2013 production target range to 85 to 89 MMboe from the previous target range of 88 to 94 MMboe, citing as reasons the unplanned shutdown at Pluto LNG and the longer than expected scheduled refurbishment of the Vincent FPSO. Production has since resumed at the Pluto LNG plant.

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Brent Crude Oil : $51.78/BBL 0.77%
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