Australian Woodside Reports 49% Jump in 1H Net Profit

Australian Woodside has reported a half-year net profit of $507mn, up 49% compared with the same period last year as average realised prices were up 10%, it said August 16.

Production was 42.2mn barrels of oil equivalent and sales revenue was $1.76bn. The company reduced half-year unit production costs by 6% year on year to $4.90/boe. 

“Work on our priorities has been underpinned by Woodside’s ongoing commitment to operational excellence, which delivered world-class unit production costs of $4.90/boe, 6% lower than H1 2016. Unit production costs for North West Shelf gas products were $3.30/boe, 13% lower than H1 2016, and we achieved a portfolio cash margin of 78%,” Woodside CEO Peter Coleman said.

Woodside said that final commissioning of the Wheatstone LNG Train 1 is well advanced and nearing completion. Wheatstone LNG is expected to provide more than 13mn boe (Woodside share) of annual production once fully operational. 

Shardul Sharma