Woodside 2015 results

Woodside Petroleum Ltd has detailed its financial results for 2015, stating a NPAT of US$26 million. The highlights include the following:

Profit

• Statutory NPAT of US$26 million, a decrease from US$2.414 billion in 2014.
• NPAT before the deduction of one-off non-cash items of US$1.126 billion.
• Operating revenue of US$5.030 billion.

Cashflow

• Operating cash flow of US$2.376 billion, despite lower average realised commodity prices.
• Break-even cash cost of sales was reduced for the second consecutive year to approximately US $11.00/boe.
• Total unit production costs of US$6.83/boe, down 19% from US$8.43/boe in 2013.

Balance Sheet

• Available funds of US$1.7 billion (cash of US$0.122 billion and available debt facilities of US$1.6 billion).
• Net debt of US$4.319 billion, up from the 2014 net cash position of US$682 million primarily due to asset acquisitions.
• Raised US$4.1 billion of new and refinanced debt, resulting in a competitive pre-tax portfolio cost of debt of 2.9% pa.
• Gearing at 23%, within our target range of 10-30% across the cycle.

Commenting on the financial report, Woodside CEO, Peter Coleman, said: “Woodside, with its low cost of production, is well positioned to withstand this commodity cycle. A strong performance from our operating assets, disciplined financial management and productivity gains reflect our ongoing commitment to delivering value for our shareholders. Throughout 2015, we focused on driving forward productivity improvements and achieved some great results. We also maintained strong levels of liquidity and have low levels of committed capital expenditure.”

Edited from press release by Angharad Lock

Read the article online at: https://www.worldpipelines.com/business-news/17022016/woodside-2015-results-532/