The underlying net profit after tax (pre-significant items) of $351 million was up 29% with contributions from unrealised foreign exchange gains. Revenue benefits from a 22% increase in average realised oil prices were largely offset by a 19% increase in the average A$/US$ exchange rate. Net operating cash flow of $539.4 million was down 5% compared to A$569.6 million.

Woodside is sticking to its annual production forecast of 58 million barrels of oil equivalent (MMboe), following its first half production of 28MMboe. Additionally the company has committed to three major projects in the first half of the year, Enfield, Thylacine-Geographe and Chinguetti, with a total capital expenditure of approximately $3.0 billion (Woodside share: $1.7 billion).

The NWS Venture LNG expansion project is also near completion with first gas coming to shore through the new second offshore trunkline in February, the Venture’s 9th LNG carrier loading its first cargo in April and the introduction of the gas into the 4.2 million tonne-a-year fourth processing train in June.