Woodside Petroleum Limited (ASX:WPL) says it has exceeded its revised production target for the full 2011 calendar year, which is also the oil and gas producer’s financial year.
In the 12 month period Woodside posted total production of 64.6 million barrels of oil equivalent, dropping 11 per cent from the year before.
The company says less than one third of this change was due to natural field decline from its fields and the remainder was due to one-off occurrences.
Woodside exceeded its full year target due to lower than expected cyclone activity and better than forecast facility reliability.
Woodside has maintained its production target of between 73 - 81 million barrels of oil equivalent for the full 2012 year.
In the first half of the 2011 financial year Woodside Petroleum posted a net profit of $772 million.
