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”.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Investment returns tipped to be lower in 2022Investors should expect far more constrained returns from share and property markets in 2022.
Source: brisbanetimes - 🏆 13. / 67 Read more »

Change of government won’t address structural problems in Aussie housing market, experts claim - realestate.com.auThe ALP has put a range of policies to address housing affordability on the table for the upcoming election and property experts have revealed what difference they will make. AlboMP will fix it easy peasy he isn't all talk and the labour party are always great with our finances auspol History Albo’s bookie win odds are down to $1.48. Looks like he can start measuring the Lodge for new curtains now. Albo has been in politics since leaving Uni. Both parties are short of talent. Whoever wins, won’t make much improvement on a number of issues. AffordableHousing affordableprivaterenting affordadablemortgages Sydney all states in Australia pensionersareprivaterenters as well , wages pensions have not gone up , coronavirus has not helped government doesn't seem to care pricehikes petrol food etc AlboMP
Source: dailytelegraph - 🏆 21. / 51 Read more »

A speculative Fed surprise lifts bond yields, slams stocksThe bond market is fully priced for an interest rate rise next week by the US Federal Reserve that would be the first in more than three years.
Source: FinancialReview - 🏆 2. / 90 Read more »