Woodside's 1H 2013 Net Profit Rises 7.5% to $791M

Australia-based Woodside Petroleum Limited's net profit in the first half of 2013 (1H 2013) rose 7.5 percent to $791 million (AUD 873 million), supported by a 22.5 percent increase in production and a 7.6 percent rise in operating revenue.

Full half-year production from the Pluto LNG Plant was key to these gains as it lifted the firm's output to 41.9 million barrels of oil equivalent (MMboe), a first-half record for Woodside, while operating revenue hit a record of $2.584 billion (AUD 2.857 billion).  

“It is pleasing to see the increase in production volumes, which have more than offset a changing product mix to drive an increase in sales revenue. Our focus now is to enhance margins and build on the value provided by the base business,” Woodside CEO Peter Coleman said in a press release.

The company intends to continue executing its strategy to secure new growth opportunities through its recent conditional entry into acreage offshore Ireland.

“We have also made good progress with our fellow joint venture participants on reviewing alternative solutions for the Browse LNG Development. As a result, Woodside is now in a position to recommend to the Browse Joint Venture that a phased floating liquefied natural gas (FLNG) development be selected, enabling the earliest commercialization of this world-class resource.”

On projects, Woodside plans to define a preferred concept for the Laverda development - located in Western Australia's Exmouth sub-basin and about 6.21 miles west of the company-operated Enfield oil project - in 2013. Laverda is estimated to contains a recoverable resource of over 100 MMboe.


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