Woodside Petroleum Limited
(ASX:WPL) has reported a 41.4 per cent fall in its full year profit but lifted its payout to shareholders.
The oil and gas giant says its annual net profit of $US1.75 billion is in line with consensus forecasts and the second highest result in the company’s history.
The latest result was only exceeded by its 2012 result when Woodside sold a partial equity stake in its Browse LNG project in Western Australia.
CEO Peter Coleman says 2013’s result demonstrates the company’s strong operating cash flow and commitment to capital management.
After producing record annual output of 87 million barrels of oil equivalent in 2013 the company has today affirmed its 2014 production target of between 86 - 93 million barrels of oil equivalent.
A final dividend of $1.03 per share has been declared, rising 58 per cent from the year before.
