Oil and Gas News

Woodside breaks half-year production record

Woodside has reached its highest ever first-half production with 50.01 million barrels of oil equivalent (MMboe), despite the unprecedented disruption to the company’s operations and markets in Australia and around the world.

With the company on track to meet its guidance for increased output in 2020, chief executive officer Peter Coleman believes Woodside has proved its resilience and adaptability over the course of the first half.

During the first half of the year, Woodside managed Tropical Cyclone Damien in February and navigated its way through the impacts of COVID-19.

“In the immediate wake of Damien, we faced the emerging challenge of COVID-19, requiring us to take swift and decisive action to protect our workforce, communities and operations, and ensure safe and secure gas supplies to customers in Western Australia and overseas,” Coleman said.

“The record production achieved in the half is a credit to our people’s ongoing commitment to sustained operational excellence, helping Woodside deliver underlying net profit after tax of $300 million, despite the challenge market conditions.”

In addition, due to Woodside’s strong balance sheet and disciplined approach to capital management, it has allowed the company to progress its exisiting strategic growth plans, and provide optionality to pursue the right external opportunities as they arise.

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