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Woodside Full-Year Profit Drops 4% on Pluto LNG Project D

Feb. 22 (Bloomberg) -- Woodside Petroleum Ltd., Australia’s second-largest oil and gas producer, said full-year profit dropped 4 percent on one-time charges, including expenses for the delay of its Pluto project in Western Australia.

Net income was $1.51 billion in the 12 months ended Dec. 31, from $1.58 billion a year earlier, Perth-based Woodside said today in a statement. That compared with the $1.62 billion average estimate of 10 analysts compiled by Bloomberg.

Sales rose 15 percent to $4.8 billion, while production fell 11 percent to 64.6 million barrels of oil equivalent.

Chief Executive Officer Peter Coleman faces rising costs and increasing sales competition from North America as he seeks to develop more than $70 billion in liquefied natural projects. Woodside’s A$14.9 billion ($15.9 billion) Pluto venture is among eight LNG projects under development in Australia.

Shares of Woodside rose 1.2 percent to A$36.37 at 10:21 a.m. in Sydney, while the benchmark dropped 0.2 percent.

To contact the reporter on this story: James Paton in Sydney at jpaton4@bloomberg.net

To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net

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