October 19, 2016 / 11:00 PM / a year ago

Woodside 3rd-qtr production beats forecasts

MELBOURNE, Oct 20 (Reuters) - Woodside Petroleum, Australia’s largest independent oil and gas producer, reported a 14 percent rise in third-quarter production from the previous quarter, beating analysts’ forecasts, while revenue rose nearly 20 percent.

As a result, Woodside narrowed its forecast for full-year production to 92-95 mmboe, tweaking up the bottom end of the range.

Output in the September quarter rose to 25.2 million barrels of oil equivalent (mmboe) from 22.2 mmboe in the June quarter, due to record output at the Karratha gas plant and the Pluto liquefied natural gas (LNG) operation.

Two analysts had expected production of around 23.5 mmboe.

Revenue rose to $988 million, in line with the two analysts’ forecasts, as oil and gas prices improved. (Reporting by Sonali Paul)

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