Wood­side hit by glut

Townsville Bulletin - - NEWS -

PLUNG­ING oil and gas prices have al­most halved gi­ant Wood­side’s rev­enue. Sales rev­enue of $ US898 mil­lion in the three months to June was down 47 per cent from $ US1.68 bil­lion a year ago, mainly due to plum­met­ing prices for liq­ue­fied nat­u­ral gas. The com­pany’s pro­duc­tion of LNG was also lower than a year ago, due to planned out­ages at its Pluto plant si­t­u­ated off the coast of Western Aus­tralia. LNG prices are linked to crude oil prices, which dived sharply in late 2014 due to an over­sup­ply in the mar­ket, driven by US shale oil pro­duc­tion and the OPEC car­tel’s re­fusal to cut sup­ply.

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