Woodside expects $1B hit

Australia’s Woodside Petroleum this week said it expects to take a $1 billion hit when it announces its full year 2015 results in mid-February, quoting low oil price.

The energy company on Wednesday said: “Following the biannual review of the Company’s asset values and reflecting lower short and long term oil price assumptions, impairment charges for full-year 2015 are anticipated to be in the range of $1,000 million to $1,200 million pre-tax ($700 million to $850 million after income tax and Petroleum Resource Rent Tax).”

The company also revealed that its production in the fourth quarter 2015 grew compared to the corresponding quarter of 2015.

Woodside attributed the rise of production to oil production from the Balnaves offshore oil field which began producing in April 2015. Production was also boosted by higher LNG and condensate volumes from Pluto LNG due to higher plant reliability.

Separately, on Friday, credit agency Moody’s Investors Service (Moody’s) placed the ratings of Woodside Petroleum Ltd on review for downgrade, as part of a global review of companies in the energy sector.

Offshore Energy Today Staff

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Posted on January 22, 2016 with tags .

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