Woodside has recorded a half-year reported net profit after tax (NPAT) of US$340 million, underpinned by production of 45.9 MMboe, 9% higher than 1H 2015. Operating revenue for the period was US$1.9 billion.
Half-year reported NPAT was 50% lower than for 1H 2015 mainly due to lower prices, with benchmark oil prices falling 46% from 1H 2015 to 1H 2016.
Woodside CEO Peter Coleman said the company was in a strong financial position and continued to prioritise value growth while delivering peer-leading returns.
Liquidity buffer of US$2.0 billion provides funds for additional growth and protects against future volatility. Credit ratings of Baa1 and BBB+ were reaffirmed by Moody’s and Standard & Poor’s respectively.
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