Woodside: Interim result 2012

Thanks to Pluto, Woodside announced higher production and profits. Yet Pluto must be judged a failure, argues Gaurav Sodhi.

The long-awaited start of the Pluto LNG project helped Woodside Petroleum post a 7% increase in production for the half year to 34.2m barrels of oil equivalent (mmboe). Underlying net profit, which excludes one-off items associated with Pluto’s late start, rose 5% to US$865m. From earnings per share of US$1.07, up 2%, a US$0.65 dividend was declared (ex date not yet known).

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