Woodside profit falls 99 per cent

Wednesday, 17 Feb 2016 07:50:34

Woodside's profit has been hit hard by falling oil prices. (ABC News: Jacob Kagi)

Woodside Petroleum has reported a 99 per cent plunge in annual net profit, hit by a drop in oil prices.

Net profit for 2015 slumped to $36.5 million, hit by $1.4 billion dollars in impairments.

Despite this, its core profit still beat market expectations, helped by cost cutting and strong production volumes.

Chief executive Peter Coleman said the company was well positioned to withstand weak oil prices

"You can see we had to make some very tough choices in 2015 and the resilience of our strategy was demonstrated by our response to a very challenging external environment," he said.

AustraliaPlus

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Woodside profit falls 99 per cent

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