Woodside Posts Record Half-Year Profit of $1.015B, Up 27% YOY

Australia's Woodside Petroleum Ltd. posted a record half-year net profit of $1.105 billion, up 27 percent from $873 million in the first half of 2013 (1H 2013) amid record production of 46.5 million barrels of oil equivalent (MMboe) and record operating revenue of $3.551 billion, according to financial results released by the company Wednesday.

“Our half-year profit was up 27 percent on the same period as last year, reflecting our record production, higher realized prices and increased sales volumes,” Woodside CEO Peter Coleman said in the press release.

Woodside's 1H 2014 production of 46.5 MMboe was 11 percent more than the 41.9 MMboe a year ago, with the increase attributed to higher reliability at North West Shelf, Pluto and Vincent production. The firm has increased its 2014 production target range to 89-94 MMboe from 86-93 MMboe subsequent to the end of 1H 2014.

On Browse floating liequefied natural gas (FLNG) project offshore Western Australia, Woodside revealed that basis of design studies are nearing completion to mature design parameters and enable optimal development. The joint venture is on track for the front-end engineering and design entry decision in the second half of this year, with a final investment decision planned for 2H 2015.

Meanwhile, Woodside added four new blocks in Myanmar's Rakhine basin as well as acreage in Gabon, Morocco and Tanzania to its exploration portfolio in 1H 2014. Such acquisitions aligns with its strategy to "secure new international growth opportunities in frontier and emerging basins characterized by materiality and quality," Woodside said.

“Our international exploration strategy is taking shape, with new acreage in Myanmar and our entries into Morocco, Tanzania and Gabon just subsequent to the end of the half-year,” Coleman added.

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