Woodside Petroleum has achieved a net profit after tax (NPAT) of US$2.414 billion for the full 2014 year and a record operating revenue of US$7.435 billion, the company posted in a statement this morning.
The oil and gas company, based in Western Australia, also had a record production of 9.51 MMboe and a record underlying NPAT of US$2.421 billion.
All up, the profit is Woodside’s second biggest, with a 38 per cent rise in full year earnings.
The company’s only larger profit result for a full year was in 2012, when they sold their Browse Basin asset.
Apart from that, their underlying profit was up 42 per cent from the prior year and gained 17 per cent on the 2012 record.
Woodside CEO Peter Coleman said the results the company’s approach to improving facility reliability and accomplishing cost savings.
In 2014 the company also managed to go from a net debt of more than $US1.5 billion in 2013 to net cash of $US682 million.
“Our 2014 reported profit increased 38 per cent on the previous year, reflecting record production and higher realised prices. Our focus on lowering cost structures is evidenced in unit production costs decreasing,” Mr Coleman said.
“We have made significant progress in building our global exploration portfolio in emerging petroleum provinces in parallel with increasing supply optionality for customers. The world-class Wheatstone, Balnaves and Kitimat interests will provide value-enhancing opportunities that complement our existing portfolio.”
“Continuous improvement in driving business efficiencies will remain our priority in the current challenging market conditions.”
In 2015, Woodside does not anticipate producing as much as last year. This year’s production guidance sits at 81-91 million barrels of oil equivalent, with the possibility of 3-4 million more from its Apache asset purchase, the ABC reported.