Woodside H1 profit falls as low prices bite
PERTH (miningweekly.com) – Australian oil and gas major Woodside has reported a 39% fall in after-tax net profit to $679-million for the six months ended June, as falling commodity prices impacted revenues.
This was compared with the $1.1-billion after-tax net profit recorded in the previous corresponding period.
Interim operating revenue was down by 28% year-on-year to $2.55-billion, mainly owing to the lower commodity prices and, to a lesser extent, the reduced sales volumes, which Woodside said arose from the planned turnaround work at the Pluto project.
Production for the six months under review was down 9.7% year-on-year to 42-million barrels of oil equivalent, with an unplanned outage at the North West Shelf operation also affecting output, along with net oilfield decline and increased cyclone impact across all of Woodside’s assets.
Despite the lower output, Woodside had maintained its full-year production target of between 86-million and 94-million barrels of oil equivalent.
CEO Peter Coleman said on Wednesday that the financial results reflected the impact of the fall in commodity prices over the last year.
“However, we have achieved some significant milestones this year, which are part of our strategy to transform the business. With the purchase of interests in Wheatstone, Balnaves and Kitimat, we have substantially increased our reserves and production capacity while de-risking our future growth.”
Woodside earlier this year inked a $2.75-billion transaction with Apache Corporation to acquire that company’s interest in the Wheatstone, Balnaves and Kitimat projects.
Meanwhile, Coleman pointed out that Woodside had also continued its focus on cost reduction opportunities and process efficiencies, with the company targeting $800-million in enduring benefits by the end of 2016.
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
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
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
