Woodside Energy Q3 revenue exceeds expectations and will be delisted from LSE

Woodside Energy, an Australian company, reported on Wednesday a sequential increase in revenue for the third quarter and a record-breaking quarterly output. This was boosted by a faster ramp-up at its Sangomar Project and a strong performance across all of their LNG portfolios.

The top independent oil producer in the country posted a 21% increase in revenue for the three-month period ended September 30, surpassing Visible Alpha's consensus estimate of $3.2 billion.

Woodside's Chief Executive Officer Meg O'Neill stated that "our 39% exposure to LNG hub indices enabled us to benefit from increased LNG spot price in the market during the period."

Woodside's average realized prices for the third quarter of 2015 rose to $65. This is higher than the $62 boe price in the second quarter.

The quarter saw a production of 53.1 million barrels equivalent to oil (mmboe), compared to 44.4 mmboe the previous quarter.

The company had reported revenue of $3.03 billion for the previous three-month period.

Woodside acquired Tellurian Inc., a U.S. developer of liquefied gas, and its U.S. Gulf Coast project for $1.2 billion, including the debt.

Separately the company announced that it will delist from the London Stock Exchange because of low trading volume and to reduce administration costs.

(source: Reuters)