Woodside has posted a full year 38% rise in profit to $US2.414 billion

A LNG tanker at Karratha, Western Australia. Image: Woodside.

Woodside Petroleum posted a full year net profit of $US2.414 billion, up 38%, the second highest in the company’s history, despite falling global oil prices.

The result for Australia’s largest oil and gas producer is near expectations of $US2.5 billion.

Operating revenue hit a record of $US7.435 billion, up 25%.

CEO Peter Coleman says the result reflects record production and higher realised prices.

“Our focus on lowering cost structures is evidenced in unit production costs decreasing,” he says.
Continuous improvement in driving business efficiencies will remain our priority in the current challenging market conditions.”

The company has a record final dividend of 144 US cents, up 40%.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at