Woodside Petroleum FY16 profit surges to US$868M

Company News

by David Chau

Woodside Petroleum’s (ASX:WPL) profit has surged according to the full-year results it released this morning.

In FY16, the oil and gas company posted a NPAT of US$868 million, which is 33 times higher than its 2015 profit of $US26 million.

Woodwide says this was driven by a 3% lift in production, improved margins, and earnings growth (which was helped by a 28% drop in unit production costs).

The company’s Managing Director and CEO, Peter Coleman, says Woodside had its second highest annual production ever, record LNG production and reduced gas unit production costs.

Woodside declared a final dividend of US49c a share, which is lower than the US43c dividend the company paid shareholders in the year before.

The company’s full year dividend is US83c a share which, again, is lower than the previous full-year dividend of $US1.09.

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