Woodside FY production lifts

Group posts slight year-on-year production increase, FY revenue slips.

Woodside Petroleum (WPL) has lifted its full-year production and flagged a small increase in the year ahead, despite a slight decrease in annual revenue.

In the full year, Woodside produced 87 million barrels of oil equivalent (MMboe), a 2.5% increase on the 84.9 MMboe produced in 2012.

In the same period, Woodside sold 85.7 MMboe, a 2.3% increase on the previous year's sales of 83.8 MMboe.

However, revenue fell in the full year, coming in at 5.78 billion, 7.2% lower than the $6.23 billion in 2012.

Woodside said its year-on-year revenue was impacted by the higher proportion of gas volumes sold in 2013, resulting in lower average realised prices.

Woodside set its production target range for 2014 at between 86 to 93 MMboe.