Woodside profits almost doubled

Rising tall: Woodside almost doubled its net profits in 2012

WOODSIDE

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Danica Newnham

 20 February 2013 05:55 GMT

Australia’s Woodside Petroleum has seen its net profits almost double for the 2012 full year, backed by increases in production and sales revenue.

The company said on Wednesday its 98% rise in net profit of US$2.98 billion (A$2.87 billion) was mainly attributed to the start-up of the Pluto liquefied natural gas project and higher contributions from the Vincent and North West Shelf oil facilities.

Woodside also posted a record underlying net profit of US$2.06 billion, up 25% on 2011.

Production was up by 31.4% to 84.9 million barrels of oil equivalent and due to the start-up of Pluto, sales revenue was up 29.6% to US$6.22 billion.

Woodside chief executive Peter Coleman said the 2012 results demonstrated the…

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