https://www.miningweekly.com

Woodside reports record profits in H1

Woodside reports record profits in H1

Photo by Woodside

20th August 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Oil and gas producer Woodside Petroleum has reported record half-year after-tax net profit for the six months ended June, underpinned by record production and record operating revenue.

ASX-listed Woodside on Wednesday reported that after-tax net profit had increased by 27% year-on-year to $1.1-billion during the interim period.

The increase in net profit reflected higher realised prices following the transition to the new Pluto pricing regime, as well as higher sales volumes attributed to a full six months of production from the Vincent operation, which came back on line in the fourth quarter of 2013, as well as the increased reliability of the Pluto and North West Shelf operations.

During the six months under review, Woodside produced 46.5-million barrels of oil equivalent, up 11% on the 41.9-million barrels of oil equivalent produced in the first half of 2013.

“Our record production is a testament to our assets’ ongoing reliability,” said Woodside CEO Peter Coleman.

“Our half-year profit was up 27% on the same period last year, reflecting this record production, higher realised prices and increased sales volumes,” he added.

During the interim period, revenue also increased by 24%, to $3.5-billion.

Woodside has set its full-year production target at between 89-million and 94-million barrels of oil equivalent, up from the previous estimate of between 86-million and 93-million barrels.

Coleman pointed out that the company’s exploration focus would also continue with a disciplined evaluation of new opportunities.

“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. We continue to only pursue those opportunities where we see value for our shareholders,” he added.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Latest News

Ferrochrome smelting at Lion.
Glencore’s ferrochrome production up
29th October 2026 By: Martin Creamer

Showroom

Roytec Global (Pty) Ltd
Roytec Global (Pty) Ltd

Roytec Global is an international company specializing in liquid / solid and mineral separation technologies for the Mining and Industrial sectors.

VISIT SHOWROOM 
ASTPM
ASTPM

Established in 1983, the ASTPM is an industry association and representative body of the welded carbon steel tube and pipe manufacturers of South...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 30 October 2026
Magazine round up | 30 October 2026
30th October 2026

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?

MAGAZINE & ONLINE

SUBSCRIBE

➕

➕

➕

➕

➕

RESEARCH CHANNEL AFRICA

SUBSCRIBE

➕

➕

➕

➕

➕

➕

➕

➕

➕

➕

CORPORATE PACKAGES

CLICK FOR A QUOTATION

➕

➕







sq:0.04 0.061s - 111pq - 2rq
Subscribe Now