Even though there was a drop in global oil and gas prices, Australia's top independent gas producer has continued to record strong revenue as most of its LNG sales are tied to oil prices on a three to six month lag and exposure to gas hubs with strong pricing. Woodside, which became a top 10 global independent oil and gas producer after a merger with BHP's petroleum arm last year, recorded output of 46.8 million barrels of oil equivalent (mmboe), compared with 21.1 mmboe, while sales volume rose more than doubled to 50.4 mmboe. The country's top independent oil and gas explorer said sales revenue for the three months ended March 31 was $4.28 billion, compared with $2.36 billion last year. Quarterly average realized price for LNG produced increased to $16.7 per million British thermal units (mmBtu) in the March quarter, significantly higher than $14.6 per mmBtu last year. (Reporting by Archishma Iyer and Mehr Bedi in Bengaluru; Editing by Anil D'Silva)
(Corrects year-on-year sales revenue growth to 81% from 8%,
changes to 'produced' from 'product' in last paragraph)
April 21 (Reuters) - Australia's Woodside Energy on Friday reported an 81% jump in first-quarter sales
revenue, helped by an output boost from the addition of BHP
Group's petroleum assets and higher rates for liquefied natural
gas.
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