LNG Boost to Woodside Half Year Profit

Woodside Petroleum’s half year underlying profit witnessed a 4.5 percent jump as liquefied natural gas production rose amid higher prices. The company reported a half-year profit after tax of $812 million, underpinned by a 17.8% increase in operating revenue and a 7.2% increase in production.

“Key to these increases was the successful start-up of Pluto LNG, stronger commodity prices and higher contributions from Vincent and North West Shelf (NWS) oil,” Woodside said in a statement.

Woodside has increased its 2012 production target to a range of 77 to 83 million of barrels oil equivalent (MMboe), up from the previous target of 73 to 81 MMboe. 

“With regard to Pluto expansion, the current phase of exploration drilling to support additional trains has concluded without discovering the volume of commercial gas that is required to endorse a final investment decision at this point in time. Therefore a break in the drill program is required to allow a thorough evaluation of the well results and to rebuild the exploration portfolio. Nonetheless, discussions with other resource owners regarding potential Pluto expansion are active and are expected to continue through 2013,” Woodside CEO Peter Coleman said.