Wed, Feb. 17, 7:44 AM
- FY 2015 profit at Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY), Australia's largest independent oil and gas company, was nearly wiped out by the plunge in oil prices and hefty impairment charges.
- Woodside says its 2015 net profit fell 99% Y/Y to US$26M from $2.41B in the prior year, despite achieving its second highest production result, squeezed by $1.1B in charges, mostly in impairments against the value of assets due to reduced oil price assumptions; stripping out one-time items, full-year profit was $1.13B, while revenue from operations fell 32% to $5.03B.
- The company plans to pay a final dividend of US$0.43/share, down from a record payout for the same period last year of $1.44; for the year, the dividend falls to $1.09 from $2.55 for 2014.
- Woodside says its proposed Browse liquefied natural gas project in Australia requires further cost reductions and does not have any firm sales; Goldman analyst Mark Wiseman says Browse is "highly unlikely” to make significant progress toward approval.
- Nevertheless, CEO Peter Coleman says Woodside is "well positioned to withstand the commodity cycle," noting an overall 8% Y/Y decrease in unit production costs in 2015, with a 7% decrease in gas unit costs and a 17% decrease in oil production unit costs.
Aug. 20, 2014, 9:51 AM
- Woodside Petroleum (OTCPK:WOPEF, OTCPK:WOPEY) says it booked record first-half profit of $1.1B as it focuses on new exploration basins in frontier markets.
- Underlying profit, which stripped out losses linked to an asset sale in the Gulf of Mexico, jumped 33% Y/Y to $1.14B, in line with analyst forecasts.
- H1 revenues rose 24% Y/Y to $3.55B, helped by the resumption of oil output at Vincent after being idled for almost a year, combined with a full year of reliable production from the Pluto gas-export project offshore northwestern Australia.
- CEO Peter Coleman sees improved M&A opportunities; asked if Woodside would be interested in any Apache (NYSE:APA) assets in Australia, including the Wheatstone stake, the CEO said his company will “continue to look at those assets and other assets around the world.”
Woodside Petroleum is engaged in hydrocarbon exploration, development and production.
Sector: Basic Materials
Industry: Oil & Gas Drilling & Exploration
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