Woodside Petroleum Limited (ASX: WPL) just reported its second quarter report for the period ending 30 June 2018.

Woodside is Australia’s largest oil business with a market capitalisation of over $32 billion.

Within its June 2018 update Woodside revealed 22.1 MMboe (Million Barrels of Oil Equivalents) and sales revenue of $1.08 billion.

The oil company was also pleased to announce that it has achieved 100% reliability at Pluto LNG, which stands for liquefied natural gas.

Woodside CEO Peter Coleman said: “Since starting up in June, Wheatstone Train 2 has achieved high production rates, building on the continuing operational success at Train 1. Output from Wheatstone, along with oil and gas from the Greater Enfield and Greater Western Flank Phase 2 developments, will contribute to targeted production of approximately 100 MMboe in 2020.”

The oil giant is also working on getting its Scarborough project up and running by 2023 to, “maximise the market opportunity”.

Investors have initially sent the Woodside share price down by 0.43% in the first hour of trade according to Google Finance.

Did you know: In 1945, Warren Buffett took $1,200 he made in business and bought 40 acres of farm in Nebraska. He was 14. Buffett was a millionaire by his late 20’s but ‘only’ worth $300m at his 50th birthday. Now he is a $US84 billion investor.

That means he made 99% of his wealth after turning 50! How does a 50-year-old do that when the world seems to be falling apart? Download the free Aussie investing ebook, “What Buffett’s Investing Checklist Can Teach Aussie Investors“ when you join the free Rask Group Investor Club Newsletter. You’ll get insights into the 4 steps Buffett uses to pick his investments.

Join and Download The Ebook!