Woodside revenue up amid lower production

Woodside (ASX:WPL) took in 27 per cent higher revenue of $US1.3b in the September quarter, despite planned and unplanned disruptions to production

Woodside Petroleum (ASX:WPL) has reported a 27 per cent increase in September-quarter revenue, as higher commodity prices more than made up for disruptions in production volumes.

The company reported revenue of $US1.3 billion ($1.27 billion) for the quarter, compared to US$1 billion in the same period a year earlier.

But production fell 12 per cent, as a result of an outage at one project, planned shut-downs elsewhere, and lower production volumes at three sites.

Sequentially, revenue was up a comparatively slimmer five per cent, but production was only one per cent lower. Sales volumes had also grown two per cent from the June quarter, compared to a 12 per cent decline year-on-year.

Woodside said its work commissioning the Pluto LNG project in Western Australia was progressing to plan, with the first cargo estimated to arrive in March 2012.

For calendar 2010, Woodside had reported a 20 per cent increase in revenue to $US4.19 billion, even as sales fell by 11 per cent and production by three per cent.

Headline profit was a record $US1.57 billion, with the result aided by asset sales and forex gains.

WPG shares fell 0.8 per cent on Friday to $33.330.

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