Woodside's Net Profit Leaps to $2.98B on Strong Delivery from Pluto
Woodside Petroleum reported Wednesday a full-year net profit of $2.98 billion in the 12 months ended Dec. 31, up 97.9 percent from a year earlier.
The company, in its earnings statement, said that reliable production from its flagship Pluto project offshore Western Australia – started up in April last year – is the major contributing factor to its positive result.
"Pluto played a significant role in [the company's] profit result. The project contributed revenues of $1.4 billion and a gross profit of $642 million, for a part of year operations," Woodside's CEO & Managing Director Peter Coleman, said in a statement.
Woodside revealed Wednesday that it is moving ahead with the Browse LNG project, offshore Western Australia, as well as the Sunrise floating LNG venture in the Timor Sea. The company noted that it is in the midst of evaluating tender bids for onshore and offshore infrastructure for the Browse LNG project, while development for the Sunrise project is still in an early stage.
"At Browse, we continue to take a disciplined approach to the assessment of tender bids for offshore and onshore infrastructure to be in a position to consider a final investment decision by the end of June," Coleman noted.
"Onto Sunrise, we have had a number of productive technical engagements with the Timor-Leste Government in recent months. Although this engagement does not represent any agreement at this stage, we continue to build on dialogue with both governments to agree on a development which satisfies the requirements of all parties," Coleman added.
Woodside is also making a series of bold bets on projects in Israel and Myanmar.
The company reached an in-principle agreement in December last year to acquire a 30 percent participating interest in the 349/Rachel and 350/Amit petroleum licenses, which contain the mammoth Leviathan gas field offshore Israel.
"We are working with the Leviathan joint venture to finalize the agreement. This year, we also expect to be in a position to consider a final investment decision on a domestic gas development for the Leviathan field," Coleman disclosed.
In the fourth quarter of last year, Woodside's offers to acquire an interest in blocks AD-7 and A-6, offshore Myanmar; were also accepted. Entry into the blocks gives Woodside the opportunity to acquire 3D seismic in 2013/14, with options to drill exploration wells in subsequent exploration periods. AD-7 is operated by South Korea's Daewoo, while A-6 is operated by India's MRPL E&P.
"With potential investment spending at Browse and Leviathan, we have maintained $4.1 billion of available funds in the form of cash and undrawn debt facilities. The balance sheet is well positioned to support growth," Woodside's Executive Vice President and CFO Lawrie Tremaine, detailed his address focused on the company's funding facilities.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Operates 2 Offshore Rigs
- Private Oil Made a Big Find in Mexico. Now State Oil Wants a Cut (Oct 04)
- BHP Gearing Up to Start Drilling for Oil in Mexico's Deep Waters (Oct 02)
- BHP To Quit US Shale Business As Annual Profit Surges (Aug 22)
Company: BP plc more info
Operates 27 Offshore Rigs
- BP Chairman Svanberg to Retire; Search Starts for Successor (Oct 19)
- BP Midstream Partners Seeks To Raise Up To $893MM In IPO (Oct 16)
- BP, Azerbaijan's SOCAR To Sign Caspian Sea Exploration Deal In 2017 (Oct 12)
Company: Shell more info
Operates 27 Offshore Rigs
- API Panel Member: Voluntary Methane Program Forthcoming (Oct 06)
- Eni Bets Big on Zohr Explorer Finding New Treasure (Oct 06)
- Shell, Varo End Talks on Germany Refinery Stake Sale (Oct 06)
Company: Woodside more info
Operates 4 Offshore Rigs
- Chevron Starts LNG Output at Australia's Wheatstone (Oct 09)
- Global LNG: Faltering Supply Prompts Short-Covering Price Rally (Aug 11)
- Woodside Sees Output Growing 15 Pct Over Next Three Years (May 23)
Company: Noble Energy more info
- Fault at Israel's Tamar Gas Field Prompts Use of Dirtier Fuels (Sep 22)
- Leviathan Partners in Talks to Pipe Gas to Egypt Via Jordan (Aug 10)
- Deal Of The Month: Noble Energy Marches Out of Marcellus in Full $1.9B Exit (May 31)
Company: Mitsui more info
- Japan's Mitsui OSK Targets 26% Stake In Swan's Indian LNG Unit (Sep 18)
- As Rivals Circle, Japan Boosting Firepower To Buy Global Energy Assets (Sep 23)
- Gas Glut Upends Global Trade Flows As Buyers Find New Leverage (Aug 16)
Company: Daewoo more info
- Woodside Discovers Gas at Thalin-1A Well Offshore Myanmar (Feb 12)
- Deep-Sea Plan Fails, Leaving Korean Shipyards Struggling (Jul 27)
- Daewoo Names New Chief After Ex-CEO Quits Over Myanmar Gas Sale Spat (Jun 17)
Company: MRPL E and P Pte Ltd more info
- Woodside's Net Profit Leaps to $2.98B on Strong Delivery from Pluto (Feb 20)