Woodside announces record profit

Woodside has announced half-year net profit after tax of US$ 1.105 billion, up 27% on the first half of 2013. The record result was underpinned by an 11% increase in production to 46.5 million boe, compared to the corresponding period of last year, as well as record operating revenue of US$ 3.551 billion for the period, which was up 24% on the first half of 2013.

Woodside’s CEO, Peter Coleman, attributed the record results to the company’s disciplined approach and commitment to performance excellence. He said: “Our record production is testament to our assets’ ongoing reliability […] Our international exploration strategy is taking shape, with new acreage in Myanmar and our entries into Morocco, Tanzania and Gabon just subsequent to the end of the half-year”.

Woodside has increased its 2014 production target range to 89 – 94 million boe from 86 – 93 million boe.

LNG activity

Other key business achievements noted in the first half results include the execution of an agreement in June 2014, which resulted in Shell’s sell-down of 9.5% of issued capital to institutional investors. Woodside also reports that its Browse floating LNG (FLNG) is on track for front-end engineering and design entry decision in the second half of 2014. Woodside also signed sales and purchase agreements with Chubu and KOGAS, as well as Cheniere Energy to purchase LNG (subject to conditions). Finally, Woodside note that it has signed a sole proponent agreement with the Government of British Columbia to access land at Grassy Point to undertake feasibility studies for potential LNG development.

Adapted from press release by Callum O'Reilly

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