Australia's Woodside reported an $828 million net profit for the first half of 2011, down 8.1% from the same period a year earlier, but up on expectations. It said the slide followed strong results a year earlier, when Woodside sold its Ot-way gas assets and benefited from lower taxes. Underlying profit totaled $842 million, up 3.6% from 2010 and the company's second-highest first-half profit ever. Output slid 13.1% to 31.9 million boe (176,243 b/d), mainly because of project shutdowns, planned maintenance and cyclone interruptions. Woodside kept its full-year 2011 output target at 62 million-64 million boe, unchanged after a June downgrade resulting from bad weather and a mechanical fault at its North West Shelf oil redevelopment project (IOD Jun.20'11).
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