By David Winning

SYDNEY--Woodside Petroleum Ltd. said its first-quarter sales revenue rose by 22% compared to the previous three months, as higher prices for its oil and gas production more than offset the impact of bad weather on its oil fields.

Woodside reported sales revenue of US$1.12 billion in the three months through March, benefiting from a realized liquefied natural gas price of US$40 for each barrel of oil equivalent, up from US$28/BOE in the quarter before. It also achieved an average price of US$61 per barrel of crude oil priced using the Brent industry benchmark.

The Perth-based company said its first-quarter sales revenue rose by 4% compared to the corresponding period of 2020.

Still, quarterly production of 23.7 million barrels of oil equivalent represented a 2% drop on a year earlier after Woodside's oil operations were disrupted by Australia's cyclone season.

"Woodside achieved record spot LNG prices and its highest price premium for an oil cargo during the period," said Meg O'Neill, Woodside's acting chief executive. "More importantly, the sustained increase in oil and gas prices reflects the rebound in demand as economic conditions improved across Asia."

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

04-21-21 1936ET