Woodside First-Half Profit Rises 27% on Increase in Prices

Woodside Petroleum Ltd. (WPL), Australia’s second-biggest oil and gas producer, said first-half profit rose 27 percent on higher prices and output.

Net income was $1.11 billion in the six months ended June 30, from $873 million a year earlier, Perth-based Woodside said today in a statement. That matches the $1.1 billion median estimate of six analysts surveyed by Bloomberg News.

Woodside is pushing ahead with overseas expansion as it faces pressure to boost reserves after delays at its proposed Browse and Sunrise liquefied natural gas ventures in Australia. Sales climbed 24 percent to $3.55 billion.

Woodside’s $2.7 billion plan to buy back stock from Royal Dutch Shell Plc (RDSA) was blocked by shareholders earlier this month, leaving Europe’s largest oil company with a larger, unwanted stake in the Australian gas producer.

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