Australia-based Woodside Petroleum has reported a net profit after tax of A$1.79 billion for the year 2008, a 73% increase compared to A$1.03 billion for the year 2007.
The company has reported revenues of A$5.99 billion for the year 2008, a 56% increase compared to A$3.84 billion for the year 2007. The 56% increase in sales revenue resulted from higher production and commodity prices. However, the effects of global economic turmoil were observed in the second-half of 2008, resulting in a reduction in average realised oil price from Q3 2008 (A$135.37/bbl) to Q4 2008 (A$72.59/bbl).
For the year 2008, it has reported net operating cash flow of A$3.78 billion, a 52% increase compared to A$2.48 billion for the year 2007. The oil company reported earnings before interest and taxes of A$3.35 billion for the year 2008, compared to A$2 billion for the year 2007.
The company has reported production volume of 81.3 million barrels of oil equivalent for the year 2008, compared to 70.6 million barrels of oil equivalent for the year 2007.
Despite record production, Proved reserves grew by 101 MMboe to 1,328 MMboe. Woodside’s proved plus probable reserves increased by 15 MMboe to 1,703 MMboe and provided a 3 year average organic reserves replacement ratio of 318%. This was largely due to new bookings and upward field revisions for Pluto–Xena and NWS oil.
