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.
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.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- North America Enters Rig Loss Streak
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- Rystad Looks at the Buzz Around White Hydrogen
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension