Australia's Woodside anticipates long-term gain from energy security fears & More News Here

The brand for Woodside Petroleum, Australia’s high unbiased oil and fuel firm, adorns a promotional poster on show at a briefing for traders in Sydney, Australia, May 23, 2018. REUTERS/David Gray

MELBOURNE, April 26 (Reuters) – Australia’s Woodside Petroleum (WPL.AX) reported a greater than twofold leap in quarterly income on Tuesday, buoyed by rising oil and fuel costs, and it expects to learn in the long run from energy security fears resulting from Russia’s invasion of Ukraine.

Tight provide drove costs of liquefied pure fuel (LNG) to file highs final yr earlier than Russia, a high exporter of oil and fuel, invaded Ukraine in what Moscow calls a “special military operation”, sparking sanctions which have additional hit provide.

“We expect in the second quarter to see the continued benefit of stronger pricing, reflecting the oil price lag in many of our LNG contracts,” Woodside Chief Executive Officer Meg O’Neill mentioned in a press release.

The Ukraine battle has unnerved LNG patrons in Europe and Asia, placing producers like Woodside in Australia in a robust place to barter longer-term gross sales offers at greater costs than envisioned when the coronavirus hammered demand two years in the past, she mentioned.

“Since the invasion, we are seeing more interest,” O’Neill instructed Reuters in an interview.

Woodside can be attracting extra potential bidders for a stake it needs to promote in its Scarborough fuel undertaking off Western Australia.

“I think we are seeing many customers who realise the importance of stable and secure energy supply from a nation like Australia. So we are seeing good interest in the Scarborough sell down as well as Scarborough LNG equity offtake,” O’Neill mentioned.

O’Neill mentioned she was assured shareholders would again Woodside’s merger with the petroleum arm of BHP Group (BHP.AX) on May 19, which is able to double the corporate’s output and provides it a foothold within the Gulf of Mexico, extra publicity to grease and a stronger steadiness sheet.

In the March quarter, Woodside’s gross sales income got here in at $2.36 billion, up from $1.12 billion a yr earlier, as its realised worth greater than doubled on a yr earlier. However the consequence was softer than analysts at RBC and UBS anticipated.

Woodside’s shares fell 5.1%, an even bigger fall than the broader energy index (.AXEJ) which was down resulting from a drop in oil costs.

Reporting by Sonali Paul in Melbourne; Additional reporting by Sameer Manekar in Bengaluru; Editing by Aditya Soni, Robert Birsel

Our Standards: The Thomson Reuters Trust Principles.

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