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Woodside Petroleum Limited (ASX:WPL) announced its annual report for FY2018 where it reported its full-year net profit after tax up by 28% (y-o-y) to $1,364 Mn. Its operating revenue was reported at $ 5,240 Mn where its production stood at 91 MMboe (8% increase pcp). It generated free cash flow up by 28% (y-o-y) to $1,524 Mn which shows the companyâs strong liquidity position and capability to deliver its growth projects. It achieved important milestones to develop the Scarborough and Browse fields off Western Australia through their world-class facilities at Burrup Peninsula. It expects its LNG production to double by 2027 at its Burrup hub, which will enable them to service their long term gas supply contracts to both domestic and global markets. It increased its stake in Scarborough to 75% with an aim to expand its Pluto LNG and start engineering work on the second production train. At the same time, the company progressed to process the browse resources through the North West Shelf Projectâs Karratha Gas plant. In the process of the joint venture with SNE, it has secured environmental approval and started FEED activities for the first phase of oil development in Senegal by 2022. Â
Its production at Pluto LNG increased by 5% to 5 Mn tonnes. Its LNG unit production cost for PLUTO NWS and LNG project has been reported at $3.6 per Boe. Its total recordable injury rate was recorded at 1.32 per million work hours. Its LNG production from 8 LNG trains has increased to 235% since 2009. It has become a low cost and high margin producer. It has set its 2019 yearly production guidance at 88-94 MMboe.
With Greater Western Flank Phase 2 and Wheatstone train 2 getting operational under the budget of $630 Mn and 6 months ahead of schedule, the company achieved better than expected production. It will help the company to achieve its target guidance of approximately 100 Mn barrels of oil equivalent by 2020.
Today, it also announced final dividend amounting to USD 0.91 per share, bring the full year dividend to US 144 cps. It will be payable on March 20, 2019 with ex-date of February 22, 2019 and record date of February 25, 2019. It also released its corporate governance statement where it described its shareholding pattern and no involvement in any fraudulent activities by any members associated with the board and management. It also mentioned about their working culture model that it followed in the year to achieve their mission along with best fund utilization to execute their projects.
The company has witnessed a substantial increase in its long-term LNG contracts out of which 53% of long term sales contracts are from unsanctioned projects. There has been a 40% increase in Chinese LNG demand along with the fear of global supply tightening.
For the financial year 2018, the company reported liquidity of $3.9 bn and Gearing at 12%. It declared an increase in its dividend distribution to 144 US cents per share which were 47% up as compared to a previous financial year.
Following the release, the share price of the company increased by 1.922% as on 14 February 2019. WPLâs stock traded at $35.53 with the market capitalization of circa $32.63 Bn.
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