Woodside 2014 profits climb

Woodside has announced a full year reported net profit after tax (NPAT) of US$2.414 billion, with a record underlying NPAT of US$2.421 billion.

Woodside reports record operating revenue of US$7.435 billion, with a record production of 95.1 million boe.

Woodside CEO, Peter Coleman, said: “Our 2014 reported profit increased 38% on the previous year, reflecting record production and higher realised prices. Our focus on lowering cost structures is evidenced in unit production costs decreasing. Continuous improvement

in driving business efficiencies will remain our priority in the current challenging market conditions,” he said.

Mr Coleman said the company had significantly progressed its global growth strategy throughout the year, re-balancing its exploration portfolio, developing marketing and trading opportunities and through the proposed acquisition of key Apache interests.

“We have made significant progress in building our global exploration portfolio in emerging petroleum provinces in parallel with increasing supply optionality for customers. The world-class Wheatstone, Balnaves and Kitimat  interests will provide value-enhancing opportunities that complement our existing portfolio.”

Woodside reaffirmed its 2015 production target range of 84 to 91 million boe. This range does not include production from the Apache asset purchase, which is expected to be 3 to 4 million boe based on a targeted transaction close date of 31 March 2015. The additional range reflects the inclusion of Balnaves oil production and Kitimat pipeline natural gas production, split  approximately 55% Balnaves oil and 45% Kitimat pipeline natural gas. An updated production target range will be issued after the transaction has closed.

Adapted from press release by Callum O'Reilly

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