Woodside Achieves Record First Half Profit of US$1.105 billion
Woodside has achieved a record half-year reported net profit after tax (NPAT) of US$1.105 billion, underpinned by record production of 46.5 MMboe and record operating revenue of US$3.551 billion for the period.
Financial headlines for 1H 2014
– Record half-year operating revenue of US$3.551 billion, up 24% on 1H 2013. This reflected higher realised prices due to the transition to the new Pluto pricing regime and higher sales volumes primarily attributed to an entire half of Vincent production, which came back online in Q4 2013 and increased reliability at Pluto and North West Shelf.
– Record half-year reported NPAT of US$1.105 billion, up 27% on 1H 2013. The increase in NPAT was supported by higher prices, higher sales volumes, no impairment losses and lower exploration and evaluation expenses.
– Record half-year underlying NPAT of US$1.136 billion1, up 33% on 1H 2013.
– Earnings per share (EPS) on a reported basis of 134 cps, up 27% from 1H 2013 (106cps). Underlying EPS increased 33% to 138 cps.
– Record interim dividend of 111 cents per share, up 34% on 1H 2013.
– Positive free cash flow of US$1.825 billion, up 158% on 1H 2013, with US$2.7 billion in cash and US$1.6 billion in undrawn facilities available to fund growth.
Woodside CEO Peter Coleman said the outstanding financial results reflected Woodside’s disciplined approach and commitment to performance excellence.
“Our half-year profit was up 27 per cent on the same period as last year, reflecting our record production, higher realised prices and increased sales volumes,” Mr Coleman said.
“Our record production is a testament to our assets’ ongoing reliability.”
Mr Coleman said the company had continued its disciplined evaluation of new opportunities throughout the period.
“Our international exploration strategy is taking shape, with new acreage in Myanmar and our entries into Morocco, Tanzania and Gabon just subsequent to the end of the half-year,” Mr Coleman said.
“We continue to only pursue those opportunities where we see value for our shareholders.”