Two of Asia’s biggest liquefied natural gas (LNG) suppliers, Woodside Petroleum Ltd. and Santos Ltd., posted higher first quarter revenues despite loading fewer volumes over the previous three-month period as commodity prices strengthened.

Woodside last month said LNG sales in 1Q2021 amounted to 17.6 million boe/d, down from 19.4 million boe/d in 4Q2020 and 17.8 million boe/d in 1Q2020. However, the company posted $838 million in LNG revenue for the first quarter versus $607 million in 4Q2020. The rise came as Australia’s largest natural gas producer realized average LNG prices of $40/boe compared to $28/boe in the previous quarter. 

The 1Q2021 LNG revenues were lower than the $854 million reported a year ago, when prices averaged $47/boe.

“Woodside achieved record spot...