Woodside Petroleum Limited Share Price Up 0.08%

Shares of Woodside Petroleum Limited [ASX:WPL] surged to 0.08% at the time of writing.

The release of its recent second quarter results have proved promising for the oil and gas producer.

Second quarter report

The second quarter report for the period ending 30 June, saw positive results for the company, which is very likely contributing to its climbing share price.

Woodside received sales revenue of $1,082 million, and achieved 100% reliability at its long standing Pluto LNG development (this development processes gas from offshore Pluto and Xena gas fields in WA).

It also began production from Wheatstone Train 2.

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Woodside delivers clear plan

The highlight for Woodside CEO, Peter Coleman was the start-up of LNG production from Wheatstone Train 2 in recent period, which supported the strong quarter performance.

Since starting up in June, Wheatstone Train 2 has achieved high production rates, building on the continuing operational success at Train 1. Output from Wheatstone, along with oil and gas for, the Greater Enfield and Greater Western Flank Phase 2 developments, will contribute to targeted production of approximately 100 MMboe in 2020,’ Coleman said.

Mr. Coleman also stated that ‘Woodside has accelerated target ready for start up to 2023 for the upstream component and 2024 for the downstream to maximise the market opportunity.

There is also a preliminary tolling agreement expected between NWS project participants and Browse (joint venture) in the third quarter of this year.


Ryan Clarkson-Ledward,
For Money Morning

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