Australia's Woodside Reports Record First Half Profit

Australia’s Woodside Petroleum on Wednesday announced a record half-year net profit after tax (NPAT) of $1.105 billion, up 27 percent on year.

The company said the results have been underpinned by record production of 46.5 MMboe and record operating revenue of $3.551 billion for the period, up 24 percent from the same period last year.

“The increase in NPAT was supported by higher prices, higher sales volumes, no impairment losses and lower exploration and evaluation expenses,” the company said.

Record production of 46.5 MMboe that Woodside reported is up 11% on year. The result was primarily due to higher reliability at North West Shelf and Pluto and Vincent production, the company said.

Woodside said Browse Floating LNG on track for our front-end engineering and design entry decision in second half of 2014.