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.