LNG player Woodside has achieved a record half-year net profit after tax (NPAT) of US$1.105 billion, underpinned by record production of 46.5 MMboe and record operating revenue of US$3.551 billion for the period.
The company also reported a record half-year operating revenue of US$3.551 billion, up 24% on 1H 2013. This reflected higher realised prices due to the transition to the new Pluto pricing regime and higher sales volumes primarily attributed to an entire half of Vincent production, which came back online in Q4 2013 and increased reliability at Pluto and North West Shelf.
Woodside posted a positive free cash flow of US$1.825 billion, up 158% on 1H 2013, with US$2.7 billion in cash and US$1.6 billion in undrawn facilities available to fund growth was also one of the highlights reported by Woodside.
Woodside CEO Peter Coleman said the outstanding financial results reflected Woodside’s disciplined approach and commitment to performance excellence.
“Our half-year profit was up 27 per cent on the same period as last year, reflecting our record production, higher realised prices and increased sales volumes,” Coleman said. “Our record production is a testament to our assets’ ongoing reliability.”
Coleman said the company had continued its disciplined evaluation of new opportunities throughout the period.
“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 said. “We continue to only pursue those opportunities where we see value for our shareholders.”
Press Release, August 20, 2014; Image: Woodside