Woodside boosts production and underlying profit

WOODSIDE Petroleum’s first-half output rose 5% and its underlying net profit after tax jumped 19.7% over the corresponding period last year, the company announced this morning.

First-half profit actually fell 32 % from the first half of last year, but the 2004 results had been inflated by the sale of 40% of the Enfield oil field to Mitsui. Profit before one-time items rose to A$448.5 million, up $374.8 million for the same period last year.

"The overall improvement in profit was largely due to increased revenue from higher sales volumes and realized oil prices," Woodside told the Australian Stock Exchange.

The company has also revised its production targets to at least 58 million barrels of oil equivalent, up from the previous forecast of 56 million boe.

The increased production for the remainder of this year will come from higher output at the North West Shelf joint venture, the start up of the Mutineer-Exeter oil field and a larger equity stake in the Laminaria-Corallina oil project.

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