Woodside Revenue Leaps on Higher Production, Prices

MELBOURNE, Australia-- Woodside Petroleum Ltd.'s sales revenue jumped 25% in the second quarter of the year, buoyed by higher production volumes and better prices for oil and natural gas.

The strong performance is forecast to continue--with the company's target for production this year rising to 89 million to 94 million barrels of oil equivalent, up from an earlier forecast for 86 million to 93 million.

Revenue in the second quarter rose to 1.68 billion U.S. dollars in the three months through June from $1.35 billion a year earlier, Australia's second-largest oil and gas producer--after BHP Billiton Ltd.--said in a statement Thursday. Output in the quarter increased by almost 18% to 23.5 million barrels from 20 million the year before.

The company didn't disclose earnings for the period, but said it expected a loss of between $20 million and $40 million on the sale of certain oil and gas assets. It also forecast an Australian petroleum resources rent tax of $80 million-$100 million, and depreciation and amortization on its oil and gas properties of $680 million-$720 million.

Write to Robb M. Stewart at [e-mail]

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