Oz Woodside's 1H Profit Rises 6% on Year

Australian Woodside August 15 reported a 6% year on year increase in net profit for January-June (1H 2018) thanks to higher production and better price realisation.

Company’s profit in 1H 2018 was $541mn compared with $507mn a year ago. Revenue during the period jumped 27% year on year to $2.39bn, helped by higher output at its Wheatstone LNG project in Western Australia. Wheatstone LNG Train 1 has achieved above nameplate production rates and Train 2 is ramping up as planned, Woodside said.

Woodside total production during 1H 2018 was 44.3mn barrels of oil equivalent (244,750 boe/d), up 5% year on year - the total was made up of 78% LNG (and included a 9% increase in Pluto LNG volumes), 15% liquids and 7% 'other'. The company increased its production guidance for the full year 87-91mn boe from 85-90mn boe.

Woodside said it was targeting launch of Scarborough LNG's  front end engineering and design (Feed) in Q1 2019, final investment decision (FID) in 2020, and start-up in 2023/24. It envisages  it will have 7 to 9mn mt/yr capacity (100% project, including 1mn mt/yr of domestic gas) and will include an additional train at Pluto LNG of 4- to 5mn mt/yr.

It envisages the start of Browse LNG front end engineering and design (Feed) in Q4 2019, FID in 2021 and deployment in 2026 (on Calliance and Brecknock fields) and 2027 (Torosa field).