Woodside Petroleum Ltd, Australia’s largest oil and gas producer, posted a 50 per cent drop in first-half profit after a decline in energy prices.
Net income fell to $340 million from $679 million a year ago, the Perth-based company said Friday in a statement. The company’s $8 billion bid for rival Oil Search Ltd. was rejected last year.
Woodside, which operates the Pluto and North West Shelf LNG projects in Western Australia, saw its sales fall by 24 per cent to $19.3 billion as low oil prices offset a 9 per cent lift in production. The company increased its production guidance to a range of 90 million barrels of oil equivalent to 95 million barrels, from its previous range of 86 to 93 million barrels.
Elsewhere, Santos reported a first-half net loss of $1.1 billion after taking a $1.05 billion charge on its Gladstone liquefied natural gas export project in Queensland. Read more here.
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