Australia-based Woodside Petroleum has reported net profit after tax of A$610.1 million for the first half of 2007, up 16.3% compared with A$524.4 million for the corresponding period in 2006.
The H1 2007 reported net profit after tax includes an A$56.8 million (after tax) realized gain on the sale of Legendre and the entity that held a PNG retention lease of A$7.9 million (after tax). The underlying H1 2007 net profit after tax (before significant items) is A$545.4 million, 10.6% higher than the underlying H1 2006 net profit after tax (before significant items) of A$493.3 million.
Increased profit was driven by production and higher sales volumes, with contribution from Enfield and strong performance from the Cossack Pioneer. Compared to the prior period, profit was negatively impacted upon by the strong Australian dollar and increased depreciation. Higher depreciation charges relate to the start-up of Enfield and intervention work on Chinguetti.
Revenues from oil and gas operations were A$1.9 billion, up 19.2% from A$1.1 billion in H1 2006.