By Ross Kelly
SYDNEY-- Woodside Petroleum Ltd. reported a 38% increase in
annual profit after one of its biggest oil fields came back online
following a prolonged technical outage, and it enjoyed higher
commodity prices for a large part of the year.
Australia's biggest oil-and-natural-gas producer by output
behind BHP Billiton Ltd. said net profit for the year through
December rose to US$2.41 billion. Underlying net profit, which
strips out nonrecurring items, rose 42% to US$2.42 billion, falling
short of the $2.61 billion average of six analyst forecasts
compiled by The Wall Street Journal.
The Vincent oil production and storage facility, which operates
above an oil field off the coast of Western Australia, restarted in
November 2013, after being idled for almost a year. A routine
inspection in Singapore had uncovered damage to its water-storage
tanks.
The resumption of oil output at Vincent, combined with a full
year of reliable production from Woodside's North West Shelf and
Pluto gas-export projects in Western Australia, helped drive
revenue 26% higher.
Woodside benefited from a higher average oil price in 2014,
although revenue began to tail off in the latter part of the year
as oil prices took a tumble.
The company declared a final dividend of US$1.44 a share, up
from $1.03 a year earlier, and said it expected to maintain its
current policy of paying 80% of earnings out as dividends for the
foreseeable future.
Write to Ross Kelly at ross.kelly@wsj.com
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