Upbeat Woodside Lifts Profit, Payout

For the country’s largest standalone oil and gas group, Woodside, its first half financial report was far different in substance (a nice rise in profit), tone (more upbeat) and colour (now losses or red ink) than the full year report from Origin Energy yesterday and the loss-strewn half year expected from Santos.

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Woodside Upbeat Despite Weak Quarter

Woodside Petroleum shares took yesterday’s weak first quarter production and sales report in their stride, rising because global oil prices firmed, then falling after Kuwaiti oil workers ended a brief strike, thereby restoring around 1.9 million barrels a day of production to global oversupply.

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Woodside Scraps Browse LNG

It was no surprise – the slide in global oil and gas prices since mid 2014 (and despite the recent rebound) has caused companies large and small to cut costs by slashing jobs, suppliers, exploration and development spending, and investment in projects, current and prospective.

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