Record Oil Production Pushes Woodside Petroleum To A Record Half Year Net Profit Of $1.105 Billion

Andrew Burton/Getty Images

Oil and gas giant Woodside Petroleum hit a record half-year net profit of US $1.105 billion, underpinned by record oil production which pushed revenue up 24% to US $3.551 billion.

The 27% increase in net profit for the six months to the end of June was supported by higher prices, higher sales volumes, no impairment losses and lower exploration and evaluation expenses.

The company announced a record interim dividend of 111 cents per share, up 34%.

Woodside CEO Peter Coleman said the outstanding financial results reflected Woodside’s disciplined approach and commitment to performance excellence.

“Our record production is a testament to our assets’ ongoing reliability,” he said.

Mr Coleman said the company had continued its disciplined evaluation of new opportunities .

“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,” Mr Coleman said.

As this chart shows, Woodside had record oil production of 46.5 MMboe (Million Barrels of Oil Equivalent), up 11%.

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