Woodside profit slips in first half of 2019

Australian energy giant Woodside saw its profit slip in the first half of the year compared to the same period last year as its revenues fell amid lower production levels. 

North Rankin Complex, North West Shelf Project, Western Australia; Source: Woodside

Woodside on Thursday posted a half-year reported net profit after tax (NPAT) of $419 million compared to $541 million in the first half of 2018. According to the company, its profit was impacted by several factors, including cyclone Veronica, the refurbishment of FPSO Ngujima-Yin, and Pluto LNG maintenance.

The company’s operating revenue in the first half of the year was $2.26 billion compared to $2.39 billion in the same period last year.

Production in the first half of the year was 39 MMboe compared to 44.3 MMboe in 1H 2018. The company’s production guidance for 2019 remains at lower end of 88-94 MMboe.

Woodside CEO, Peter Coleman, said the company has laid the foundations for a strong second half of 2019 and is on track to achieve targeted annual production of approximately 100 million barrels of oil equivalent in 2020.

Coleman said: “First half NPAT was lower compared to the corresponding period due to the impact of Tropical Cyclone Veronica, the planned maintenance at Pluto LNG, and the Ngujima-Yin floating production storage and offloading (FPSO) facility being offline for refurbishment in Singapore ahead of its restart at Greater Enfield.”

Offshore Energy Today Staff

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