Releasing its full year results, Woodside said it does not expect "material change" to its previously advised first LNG cargo date of March 2012.

It also said there was no change to the previously advised 2012 Pluto production guidance of 17-21 million barrels of oil equivalent (Woodside share.)

Offshore gas was introduced into the processing plant on February 18 allowing final preparations for LNG production to begin.

On Pluto expansion plans, Woodside said it had hit gas with the Ragnar-1 well drilled last month encountering gas over a gross interval of 190m.

In its fourth quarter report, released earlier this year, Woodside wrote off a number of wells drilled for the Pluto expansion, casting doubts over a speedy Pluto expansion.

Woodside said it would now drill an oil appraisal well in the Greater Laverda area before returning to the Ragnar Hub to drill Vucko-1 in WA-433-P.

On its Browse LNG project, Woodside did not reveal any more news regarding a potential sell down of its stake in the joint venture but did say the Browse contingent resource base increased 322.7 million barrels of oil equivalent (Woodside share).

The increase relates to the Torosa and Calliance fields due to enhanced reservoir analysis, seismic coverage from the Maxima survey and reprocessing of existing data.

Meanwhile, Woodside reported a 16.7% jump in underlying profit to $US1.65 billion compared to 2010 due to strong revenues.

Reported net profit after tax, however, dropped 4.3% on the previous year to $US1.5 billion largely due to non-recurring costs including the Pluto delay mitigation cost and an impairment charge for the Neptune field in the Gulf of Mexico.

Revenues for the year increased 14.5% to $US4.8 billion due to stronger performance from the North West Shelf project and higher commodity prices.

Operating cash flow was also higher, up 6% to $US2.2 billion.

Woodside chief executive officer Peter Coleman said the financial result highlighted the ongoing strength of the company's base business.

"The strong increase in underlying profit demonstrates our ability to continue to maximise value from our premium asset base," he said.

"In addition, the successful execution of our funding plan for the Pluto LNG project amidst the global financial downturn illustrates our effective capital management and sound financial discipline.

"With more than $2 billion in cash and undrawn facilities and strong cash flows, which will be further boosted when Pluto comes online, we are well placed to fund our LNG growth plans and consider other opportunities which will bring value to shareholders."

Woodside produced 64.6 million barrels of oil equivalent in 2011, 11% less than in 2010 due to natural field decline, higher cyclone activity earlier in the year, divestments, project redevelopment shut-ins and higher maintenance.

During 2012, Woodside expects to produce 73-81MMboe which includes 56-60MMboe from the foundation business and an additional 17-21MMboe from the Pluto LNG project.

Shares in Woodside were stronger in morning trade, up 1% to $A36.41.