The Woodside Petroleum Limited (ASX: WPL) share price is climbing higher this morning after the group’s Q4 quarterly report announcement.
What was in Woodside’s quarterly report? Woodside reported that its quarterly production rose 3% quarter on quarter (QoQ) to 25.7 million barrels of oil equivalent (mmboe).
For the quarter ended 31 December 2019, Woodside saw sales revenue jump 12% QoQ to $1,304 million.
In terms of operational highlights, the group executed a long-term sale and purchase agreement during the period. Woodside will sell LNG to Uniper Global Commodities SE for a period of 13 years from 2021.
The Woodside share price will be worth watching today as investors digest these latest numbers.
Woodside CEO Peter Coleman said the $1.9 billion Greater Enfield project in Western Australia underpinned its strong result. The production and sales revenue increases were largely attributable to the site, which produced its first oil in August 2019.
The Aussie energy group reported it is targeting increased production in 2020 after executing its near-term growth projects.
The group announced a number of short, medium and long-term targets as it looks to build its portfolio for the future. These include an agreed tolling price with its Scarborough Joint Venture for processing Scarborough gas through Pluto LNG.
The Woodside share price is climbing higher this morning, up 0.76% at the time of writing, as the S&P/ASX 200 Index (INDEXASX: XJO) has just surpassed 7,000 points for the first time.
How has the Woodside share price performed in January? The Aussie oil and gas producer has been one of many ASX 200 companies to have a strong start to the year.
The Woodside share price is up 4.13% and is outpacing many of its largest rivals. The group recently approved the Sangomar Field Development Phase 1 and is targeting an estimated 231 million barrels of oil resources.
I’d be keeping an eye on this Aussie resources group as we head towards the February reporting season in a matter of weeks.
The post Woodside share price edges higher on Q4 results appeared first on Motley Fool Australia.
Motley Fool contributor Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2020