Woodside today reported a full-year profit after tax of $1,507 million, underpinned by continued strong performance from the North West Shelf (NWS) Project and higher revenues. An underlying net profit after tax(1) of $1,655 million was achieved (up 16.7% compared to previous year) after consideration of non-recurring items (refer to Table 1, page 2 for a reconciliation between the reported and underlying profit).
Woodside CEO Peter Coleman said the financial result highlighted the ongoing strength of the company’s base business and its focus on operational excellence was continuing to deliver outstanding results.
“The strong increase in underlying profit demonstrates our ability to continue to maximise value from our premium asset base. In addition, the successful execution of our funding plan for the Pluto LNG Project amidst the global financial downturn, illustrates our effective capital management and sound financial discipline.
“With more than $2 billion in cash and undrawn facilities and strong cash flows, which will be further boosted
when Pluto comes online, we are well placed to fund our LNG growth plans and consider other opportunities
which will bring value to shareholders.”
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Woodside Reports 2011 Full Year Profit of $1.51B