Woodside Petroleum Reports 27-percent Rise in After-tax Net Profit for H1

Mining Weekly reported that Woodside Petroleum Ltd.’s (ASX:WPL) after-tax net profit for the first half of 2014 came to a record, “underpinned by record production and record operating revenue.”

As quoted in the market news:

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.

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

Peter Coleman, Woodside’s CEO, commented:

Our record production is a testament to our assets’ ongoing reliability. Our half-year profit was up 27% on the same period last year, reflecting this record production, higher realised prices and increased sales volumes.

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