Woodside posts 67 pc interim profit hike
Australia's second-largest oil and gas producer, Woodside Petroleum Ltd, said it expects to accelerate production after posting its record interim net profit of 1.016 bn Australian dollars.
By Agencies |
PERTH: Australia's second-largest oil and gas producer, Woodside Petroleum Ltd, said it expects to accelerate production after posting its record interim net profit of 1.016 bn Australian dollars (US$874 mn).
The profit for the six months through June was up 67 per cent on the result of a year earlier, driven by high oil prices and greater production values, the company said in a statement on Wednesday.
The company reported record revenues of A$2.6 bn (US$2.2 bn) for the latest half, up 45 percent from A$1.8 bn a year earlier.
Production totaled 36.5 mn barrels of oil equivalent, up 4 per cent from 35 mn barrels in the previous corresponding period.
The company said it was on track to achieve a full year production target between 80 mn barrels and 86 mn barrels. It continued to focus on delivering long-term growth through liquid natural gas, or LNG.
Woodside said stronger production volumes and higher commodity prices during the first half outweighed the negative effects on earnings of increased production costs and a strong Australian dollar.
The lift in production costs was due primarily to the start up of Australia's deepest oil field development, Woodside's Stybarrow equal joint venture with the world's biggest miner, BHP Billiton Ltd, off Australia's west coast.
The profit for the six months through June was up 67 per cent on the result of a year earlier, driven by high oil prices and greater production values, the company said in a statement on Wednesday.
The company reported record revenues of A$2.6 bn (US$2.2 bn) for the latest half, up 45 percent from A$1.8 bn a year earlier.
Production totaled 36.5 mn barrels of oil equivalent, up 4 per cent from 35 mn barrels in the previous corresponding period.
The company said it was on track to achieve a full year production target between 80 mn barrels and 86 mn barrels. It continued to focus on delivering long-term growth through liquid natural gas, or LNG.
Woodside said stronger production volumes and higher commodity prices during the first half outweighed the negative effects on earnings of increased production costs and a strong Australian dollar.
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The lift in production costs was due primarily to the start up of Australia's deepest oil field development, Woodside's Stybarrow equal joint venture with the world's biggest miner, BHP Billiton Ltd, off Australia's west coast.
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