Woodside results a surprise for some

Company News

by Anna Napoli

Australia’s largest oil and gas company, Woodside Petroleum (ASX:WPL) reported its net profit rose 18 per cent in the full 2017 year to US$1 billion largely driven by higher prices and lower production costs.

Meantime its revenue fell marginally by about 4 per cent over the year to US$3.9 billion. It earnings (EBIT) rose to about US$1.7 billion, even though it reported higher finance costs and tax expenses.

At the same time, it also announced a A$2.5 billion equity raising and also inked a deal to increase its stake of the Scarborough gas field.

Its results were somewhat of a surprise to some analysts.

Over the year it declared a final and interim dividend of 49 US cents each per share, fully franked.

Shares in the company Last traded at $31.08