Shares of Woodside Petroleum Limited [ASX:WPL] dropped in value by 46 cents today. But it’s not all bad news for the oil giant, despite an extremely volatile month. Good fortune may be on the way, with the release of their Third Quarter 2018 Report this morning.
Woodside is the largest operator of oil and gas production in Australia, as well as the country’s largest independent dedicated oil and gas company.
Woodside Petroleum sits at $35.84 at time of writing.
What’s new at Woodside?
It was announced today that Woodside Petroleum’s third quarter revenue has risen by about 25%. The news comes following the higher oil and LNG (liquified natural gas) prices, and rising output at its Wheatstone project.
Their revenue has risen from last year’s $923 million to $1.16 billion, for the quarter ending September 30. RBC Capital Markets estimate their sales revenue for the third quarter of 2018 to be $1.31 billion.
They have also reported higher production rates — with this year’s 23.1 million barrels of oil a great improvement from last year’s 20.3 million. With these rising trends, the company is set to hit an annual production rate between 87 and 91 mmboe.
Woodside’s CEO Peter Coleman said the project at Wheatstone made a strong contribution to their high production in the last quarter:
‘Production at Wheatstone LNG continued ahead of plan…During the quarter we made excellent progress on our near-term growth projects at Greater Western Flank Phase 2 and Greater Enfield, further demonstrating our capability to successfully execute our next phase of developments in Senegal and the Burrup Hub.’
What can we expect to see next for Woodside?
Looking to the future, the company is set to capitalise on an LNG supply shortfall, which some industry analysts see emerging in 2022. They have put in plans to develop its Scarborough gas project off North Western Queensland.
We are interested to see if and when this creates a balance out in their stock price.
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