Pluto Production Boosts Woodside 1H Profit

Australia’s Woodside has reported a half-year profit after tax of $873 million, underpinned by a 22.5% increase in production and a 7.6% increase in operating revenue.

Key to these increases was the full half-year of production from the Pluto LNG Plant. Production of 41.9 million barrels of oil equivalent (MMboe) was a first-half record for the company.

Woodside CEO Peter Coleman said the company’s total production was on an upward trajectory due to the strong performance of Pluto LNG since start-up.

“It is pleasing to see the increase in production volumes, which have more than offset a changing product mix to drive an increase in sales revenue. Our focus now is to enhance margins and build on the value provided by the base business,” Coleman said.

Coleman noted that Woodside continued to execute its strategy to secure new growth opportunities, as evidenced by the company’s recent conditional entry into acreage offshore Ireland.

“Our securing of new growth opportunities continues alongside a period of increased returns to shareholders, with a special dividend of US 63 cps and increased dividend payout ratio target announced during the half,” Mr
Coleman said.

“We have also made good progress with our fellow joint venture participants on reviewing alternative solutions for the Browse LNG Development. As a result, Woodside is now in a position to recommend to the Browse Joint
Venture that a phased floating LNG development be selected, enabling the earliest commercialisation of this world-class resource.”