Woodside flags A$1bn impairment, reports strong FY production results
PERTH (miningweekly.com) – Australian oil and gas major Woodside on Thursday warned shareholders of a A$1-billion to A$1.2-billion impairment for 2015, following an asset value review and taking into account the lower short- and long-term oil price.
Despite the downturn in oil prices, Woodside achieved its second-highest production result on record, producing 92.2-million barrels of oil equivalent in the year ended December 2015.
During the three months to December, Woodside produced 24.9-million barrels of oil equivalent, compared with the 25.3-million barrels produced in the previous quarter.
Sales for the fourth quarter ended December reached 25.2-million, which was ahead of the 24.1-million achieved in the third quarter, generating revenues of A$1.1-billion, a 1.7% increase on the September quarter.
“We continue to relentlessly focus on delivering the fundamentals of our business and are now seeing the benefits of our productivity programmes flow through to our results. The recent significant fall in oil and gas prices has highlighted the quality of our low-cost production and approach to balance sheet risk management,” said Woodside CEO Peter Coleman.
Compared with the previous corresponding period, Woodside’s production volumes for the fourth quarter increased by 6.4%, predominantly owing to oil production from the Balnaves oil asset, which started production in April 2015, and higher liquefied natural gas and condensate volumes from the Pluto operation, owing to higher plant availability.
Sales revenues also increased by 37.3% in the December quarter, compared with the previous corresponding period.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
