Woodside Energy's revenue for the first quarter of 2013 jumps by 13% thanks to Senegal project.

Woodside Energy, Australia's largest gas producer, posted a 13% increase in its first-quarter revenues on Wednesday. The growth was boosted by the start-up of Senegal's Sangomar Project in July 2024 as well as strong gas hub-linked prices.

The gas-hub-linked prices from which Woodside benefitted are determined by trading in specific natural-gas hubs. This is different from oil-linked pricing, which typically follows crude oil market trends.

The average realized price for the third quarter was $65 per barrel equivalent (boe), an increase of 3% over a year earlier.

Woodside, who recently sold a 40% stake of its Louisiana LNG terminal for $5.7billion, reported revenue of $3.32billion for the third quarter. This was higher than the Visible Alpha consensus of $2.79billion and surpassed the $2.95billion reported a year earlier.

Visible Alpha's consensus estimate for 49.2 MMboe is higher than the 44.9 MMboe produced last year.

The energy company reported a 5% drop in revenue on a quarterly basis. This was mainly due to the fall in oil prices and cyclones at its North West Shelf Project, as well as unplanned train breakdowns at its Pluto LNG Project. (Reporting from Roshan Thomas in Bengaluru and Sneha Kumar in Mumbai; Editing by Alan Barona).

(source: Reuters)