Woodside half-year profit drops 50pc

Friday, 19 Aug 2016 07:37:20 | Stephen Letts

Woodside Petroleum's Goodwyn A offshore gas production platform. (AFP)

Woodside Petroleum has reported a 50 per cent drop in first-half profit to $US340 million ($442 million) as the impact of tumbling prices overwhelmed increased production.

Woodside said it boosted production by 9 per cent to 45.9 mmboe (million barrels of oil equivalent) while benchmark oil prices tumbled 46 per cent over the half year to the end of June.

Sales revenue fell 22 per cent to $US1.8 billion ($2.3 billion).

The company was successful in its efficiency drive, forcing costs down 38 per cent to $US5.20 a barrel helped significantly by a big improvement in the giant Pluto project off the Western Australian coast.

Pluto's annualised production rate is now 14 per cent higher than had been anticipated at the time its construction was approved.

The interim dividend was almost halved to 34 US cents ($0.44) per share — slightly ahead of some gloomy analyst forecasts — as the company moved shore up its balance sheet.

Woodside chief executive Peter Coleman said the company remained in a strong financial position and continued to prioritise growth while delivering strong returns compared to the rest of the industry.

"Our pre-tax cost of debt remains competitive at 2.9 per cent with only $US125 million in debt facilities maturing before 2018," Mr Coleman said.

External Link: Woodside data wrapper

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Woodside half-year profit drops 50pc

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