Woodside Petroleum 1H16 profits down from lower oil prices

Company News

by David Chau

Woodside Petroleum Ltd (ASX:WPL) has reported its net profit fell 50% to US$340 million in 1H16.

The global oil and gas company says this was mainly due to lower oil prices, with benchmark prices sliding 46% since 1H15.

Woodside also says its oil production ramped up 9%, totalling 45.9 million barrels, and its unit production costs were 38% lower at $5.20 per barrel.

The company has declared an interim dividend of 34 cents per share, and has suspended its Dividend Reinvestment Plan for the interim dividend. 

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