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Principale » Woodside first-half profit jumps 49%

Woodside first-half profit jumps 49%

16 Août 2017

For the country's largest standalone oil and gas group, Woodside, its first half financial report was far different in substance (a nice rise in profit), tone (more upbeat) and colour (now losses or red ink) than the full year report from Origin Energy yesterday and the loss-strewn half year expected from Santos.

Its shares were initially up $1.56, or 5 per cent, to $30.70 at 8.30am but dropped back to $30.36 at 10.40am.

Chief executive Peter Coleman said the company continued to deliver on the long-term plan and was in a strong position heading into the second half of 2017.

Meantime its revenue from ordinary activities fell nearly 4 per cent to US$1.87 billion over the six months.

Reflecting those differences, Woodside rewarded shareholders with a near 50% jump in interim dividend to 49 U.S. cents a share from 34 cents in the June half of 2016.

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"We look forward to Wheatstone production commencing and remain focused on supporting the operator achieving this in a safe and reliable manner".

"There are plenty of signs that the oil markets are continuing their slow and steady rebalancing", Mr Coleman said.

Costs per unit of production fell 6 per cent from the first half past year, and were 2 per cent down on the December 2016 half.

Woodside in May outlined plans to boost cash flow over the next few years through expansion of its existing projects, including the Wheatstone and Pluto LNG operations, and ruled out investment in any major new projects in the near term.

Woodside said the Chevron-operated Wheatstone LNG project, in which the Perth-based company has 13% stake, has made significant progress, with LNG Train 1 close to first production.

Woodside first-half profit jumps 49%