Woodside profit soars 49 percent in first half 2017

Australian LNG operator Woodside reported a 49 percent rise in its half-year profit year-on-year reaching $507 million for the period under review.

Sales revenue was at $1.76 billion, increasing by $139 million due to higher prices, with Woodside reporting a 10 percent increase in average realized price to $43/boe.

Woodside reported lower sales volumes, due to lower LNG production, lower NWS pipeline gas volumes and discontinued oil operations.

The company’s Pluto LNG project achieved record daily and weekly production rates in the first half of 2017, hitting annualised loadable LNG production rate equivalent to 4.6 mtpa and delivering 31 cargoes during the period.

The North West Shelf project also produced at 100 percent annualised loadable LNG production rate during the first half of the year, delivering 125 cargoes.

The company said it has sold 93 percent of 2017 expected LNG production.

Speaking of the first half results, Woodside CEO Peter Coleman noted the company is delivering on its long-term plan outlined earlier in the year, adding that the company has been operating at a break-even oil price for the half of $34 per barrel, “well under the benchmark crude pricing in the market place.”

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