By David Winning
SYDNEY--Woodside Petroleum Ltd. (WPL.AU) Wednesday booked a 1.9%
fall in first-half net profit, largely due to one-off costs
incurred in getting its 14.9 billion Australian dollar (US$15.6
billion) Pluto liquefied natural gas terminal into production in
late April.
Woodside--Australia's second-largest oil and gas producer by
output after BHP Billiton Ltd. (BHP.AU)--said net profit for the
six months to June 30 fell to US$812 million from US$828 million a
year earlier.
Underlying profit--a smoothed measure closely watched by
analysts--rose 4.5% to US$865 million, missing the US$885 million
average of seven analyst forecasts compiled by Dow Jones
Newswires.
Woodside's hopes of capitalizing on an Asia-led demand boom for
clean-burning fuels by adding more processing units to Pluto has
suffered a blow after the Perth-based company said a drilling
campaign offshore Western Australia state failed to find enough
natural gas.
"A break in the drill program is required to allow a thorough
evaluation of the well results and to rebuild the exploration
portfolio," Chief Executive Peter Coleman said in a statement to
the Australian Securities Exchange.
Talks with companies that have discovered gas fields nearby
Pluto will continue through the remainder of this year and 2013,
which could lead to Pluto being expanded, Mr. Coleman said.
The downbeat note on Pluto's expansion was countered by Woodside
upgrading its production target for this year to between 77 million
and 83 million barrels of oil equivalent. That compared with
earlier guidance of between 73 million and 81 million BOE.
-Write to David Winning at david.winning@wsj.com
Order free Annual Report for BHP Billiton Plc
Visit http://djnweurope.ar.wilink.com/?ticker=GB0000566504 or
call +44 (0)208 391 6028
Order free Annual Report for BHP Billiton Plc
Visit http://djnweurope.ar.wilink.com/?ticker=US05545E2090 or
call +44 (0)208 391 6028
Subscribe to WSJ: http://online.wsj.com?mod=djnwires