Record first half for Woodside

Australia’s Woodside Energy has reported a record half-year operating revenue of US$3.551 billion, up 24% on 1H 2013.

The company attributed the achievement to 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 oil field production, which came back online in Q4 2013 and increased reliability at Pluto and North West Shelf.

Furthermore, Woodside Energy’s net profit was also at record levels, reaching  $1,105 million for the 1H 2014, up 27% year over year. The boost in profit was supported by higher prices, higher sales volumes, no impairment losses and lower exploration and evaluation expenses.

Woodside also broke its record in 1H production, reaching 46.5 MMboe, up 11% on 1H 2013 when it achieved 41.9 MMboe. The result was primarily due to higher reliability at North West Shelf and Pluto and Vincent production.

The Board of Woodside has today declared a record interim dividend for 2014 of 111 United States (US) cents per share (cps) up 34% on 1H 2013. The dividend will be paid on 24 September 2014 to all shareholders registered on the record date of 29 August 2014.

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.”