Woodside Petroleum reported a 6.8% fall in oil and gas output in second-quarter 2017 due to planned and unplanned outages and a previously flagged reduction in its share of pipeline gas from the North West Shelf.
Australia’s biggest independent oil and gas producer said production fell to 20.7 million barrels of oil equivalent (MMboe) in the second quarter from 22.2 MMboe in the same quarter last year.
Second-quarter revenue rose to $867 million from $825 million a year earlier, but missed a forecast of $976 million from Royal Bank of Canada. Quarterly sales volumes fell 3.8% to 20.3 MMboe.
The final commissioning of the Wheatstone LNG Train 1, Woodside’s main source of short-term growth, is well advanced and nearing completion, it said. Operator Chevron Corp has said it is due to start producing in the middle of this year.
Woodside bought a stake in the $34 billion Wheatstone project in 2015, and it is set to contribute more than 13 MMboe to Woodside’s annual output when complete.
Recommended Reading
Life on the Edge: Surge of Activity Ignites the Northern Midland Basin
2024-04-03 - Once a company with low outside expectations, Surge Energy is now a premier private producer in one of the world’s top shale plays.
Enverus: 1Q Upstream Deals Hit $51B, but Consolidation is Slowing
2024-04-23 - Oil and gas dealmaking continued at a high clip in the first quarter, especially in the Permian Basin. But a thinning list of potential takeout targets, and an invigorated Federal Trade Commission, are chilling the red-hot M&A market.
CEO Darren Woods: What’s Driving Permian M&A for Exxon, Other E&Ps
2024-03-18 - Since acquiring XTO for $36 billion in 2010, Exxon Mobil has gotten better at drilling unconventional shale plays. But it needed Pioneer’s high-quality acreage to keep running in the Permian Basin, CEO Darren Woods said at CERAWeek by S&P Global.
EIA: Permian, Bakken Associated Gas Growth Pressures NatGas Producers
2024-04-18 - Near-record associated gas volumes from U.S. oil basins continue to put pressure on dry gas producers, which are curtailing output and cutting rigs.
Uinta Basin's XCL Seeks FTC OK to Buy Altamont Energy
2024-03-07 - XCL Resources is seeking approval from the Federal Trade Commission to acquire fellow Utah producer Altamont Energy LLC.