Woodside lifts 1H net profit

Resources giant posts solid lift in first-half profit and revenue, revises down full-year production guidance.

Woodside Petroleum (WPL) has lowered its full-year production guidance due to an unplanned shutdown of its LNG processing train, despite posting slight lifts in both first-half net profit and revenue.

In the six months to June 30, Woodside posted a net profit of $US873 million, a 7.5% increase on the $US812 million in the previous corresponding half and well above consensus expectations for $818 million.

In the same period revenue was $US2.86 billion, 7.6% higher than the $US2.66 billion recorded in the first half of 2012.

The group will pay a fully-franked interim dividend of 83 US cents, after paying a special dividend of 63 US cents in May.

The interim dividend will be paid on September 25, to shareholders on the register as at August 30.

Woodside lowered its production target range for 2013 to between 85 and 89 MMboe, from a range of 88 to 94 MMboe.

The group said the revision was due to a temporary interruption to Pluto production resulting from an unplanned shutdown of the LNG processing train, as well as the scheduled refurbishment of the Vincent floating production storage and offloading vessel, which Woodside says will now take longer than expected.

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