Woodside revenue up, production down in 09
January 21, 2010
Woodside Petroleum Limited (WPL) reported an 18% quarter-on-quarter jump in revenue to $1.26 billion in the fourth quarter on the back of higher prices for crude oil, despite sales volumes only increasing 1% and the company reporting a 2% decline in production over the three months. Overall, despite record production of LNG off the North West Shelf, the company’s 80.9 million barrels of oil equivalent (Mmboe) annualised production was shy of the record 81.3 Mmboe in 2008.
The result was also under the guidance of between 81Mmboe and 86 Mmboe previously offered.
Looking at the sales figures, the $1.26 billion in sales revenue for the fourth quarter was a 23% fall from the previous corresponding period.
”The lower revenue when comparing Q4 2009 and Q4 2008 was a result of reduced sales volumes and an adverse movement in the AUD:USD exchange rate outweighing increased commodity prices,” the company said.
In production terms, the fourth quarter yielded 20.2 Mmboe, down from 23.1 Mmboe in the previous corresponding quarter. The result was mostly attributable to a natural decline in oil production across its oil fields.
The decline in oil production across its fields has also prompted the company to forecast production to be in the range of 70 Mmboe and 75 Mmboe for 2010.
The company also said the 2009 financial result would be impacted an impairment charges on its Lybian assets and foreign currency gains.
”The two impacts are likely to increase the 2009 after tax profit by approximately $530 million,” the company said.
At 1043 AEDT, Woodside shares were down 70c, or 1.5% to $45.20.
The result was also under the guidance of between 81Mmboe and 86 Mmboe previously offered.
Looking at the sales figures, the $1.26 billion in sales revenue for the fourth quarter was a 23% fall from the previous corresponding period.
”The lower revenue when comparing Q4 2009 and Q4 2008 was a result of reduced sales volumes and an adverse movement in the AUD:USD exchange rate outweighing increased commodity prices,” the company said.
In production terms, the fourth quarter yielded 20.2 Mmboe, down from 23.1 Mmboe in the previous corresponding quarter. The result was mostly attributable to a natural decline in oil production across its oil fields.
The decline in oil production across its fields has also prompted the company to forecast production to be in the range of 70 Mmboe and 75 Mmboe for 2010.
The company also said the 2009 financial result would be impacted an impairment charges on its Lybian assets and foreign currency gains.
”The two impacts are likely to increase the 2009 after tax profit by approximately $530 million,” the company said.
At 1043 AEDT, Woodside shares were down 70c, or 1.5% to $45.20.
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