Australia: Woodside Profit Doubles

LNG player Woodside reported a full-year profit after tax of $2,983 million,  up 98% (2011: $1,507 million). An underlying net profit after tax of $2,061 million1 was achieved, up 25% compared to the previous year, excluding non-recurring items.

These results were underpinned by a 31% increase in production and an associated 30% increase in sales revenue.

Key to these increases was the successful start-up of Pluto LNG and higher contributions from the Vincent and North West Shelf oil facilities.

Woodside CEO Peter Coleman said the result demonstrated the transformational effect of Pluto LNG on the company’s finances, with excellent early performance at Pluto and a strong foundation business delivering record profit.

“The safe start-up of Pluto marks 2012 as a milestone year for Woodside, and cements our position as Australia’s leading LNG operator,” Mr Coleman said.

“We were pleased to be able to deliver this world-class project while also achieving much more during the year. This included realising early value for shareholders from the Browse resource through sale of a minority portion of our equity, and capturing new value-creating opportunities in line with our revised strategy.

“We also undertook a significant program of organisational and cultural change that we are confident will set Woodside up for long-term success.”

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LNG World News Staff, February 20, 2013; Image: Woodside