Photo by: Bloomberg
PERTH (miningweekly.com) – ASX-listed Woodside Energy has reported a 49% increase in half-year net profit after tax to $507-million, as production reached 42.2-million barrels of oil equivalent.
Production for the first half of 2017 was slightly lower than the 45.9-million barrels of oil equivalent reported in the previous corresponding period, while revenue reached $1.76-billion, down slightly from the $1.9-billion.
CEO Peter Coleman said on Wednesday that the company continued to deliver on the long-term plan and was in a strong position heading into the second half of 2017.
“We are progressing the priorities we outlined in our plan to deliver shareholder value across three distinct time horizons. Our free cash flow is up 170% from the first half of 2016 to $445-million and our break-even oil price for the half was $34/bl.
“We look forward to Wheatstone production commencing and remain focused on supporting the operator [to] achieve this in a safe and reliable manner.”
Coleman said that work on the company’s priorities had been underpinned by the company’s ongoing commitment to operational excellence, which delivered unit production cost of $4.90/bl of oil equivalent, which was 6% lower than the first half of last year.
Unit production cost for the North West Shelf gas products were $3.30/bl of oil equivalent, a 13% decline on the previous corresponding period, while a portfolio cash margin of 78% was also achieved.