Woodside basks in improved gas market

Woodside Petroleum will enjoy a circa $US1 billion boost to pre-tax profit thanks to the reversal of write-downs at two gas ventures in Western Australia, while sales have rocketed higher on surging international gas prices.

JPMorgan energy analyst Mark Busuttil said the increase in Woodside’s average price for its LNG to $US16.90 per million British thermal units beat his expectations by 83 per cent. He foreshadowed “material” upgrades to revenue and earnings, noting the high LNG prices are continuing into this year.“To be able to average $93 a barrel equivalent for LNG is extraordinary and it’s an indication of how strong the spot prices have been,” said Romano Sala Tenna at Katana Asset Management.

The vastly improved gas market also allowed Woodside to reduce a provision taken previously in its accounts for LNG purchases it signed up for from the Corpus Christi export project in Texas. Woodside sold about 17 per cent of its LNG produced in 2021 on the strong spot market, and also reaped gains from a price review for its Pluto LNG output with customers in Japan, lifting revenues by $US78 million in the fourth quarter.informal clearance from the national competition watchdogShe said that “provides momentum towards completion of the merger which is targeted in the second quarter of 2022”.

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