Woodside Beats Full Year Production Forecast

Woodside Petroleum (WPL) oil and gas full year production may have fallen 11 per cent compared to the previous corresponding period, but it has exceeded the company's full-year production guidance. The company's 64.6 million barrels of oil equivalent (MMboe) for its full year production had beaten its previous forecast of 62-64 MMboe.

‘‘Although 11 per cent lower than last year’s production, less than one-third of this change was due to natural field decline from Woodside operated fields,’’ said the company.

Woodside Petroleum sales dropped 11 per cent, selling 63.9 MMboe for the full year. However, despite the fall in production and sales, Woodside's full year revenue jumped 15 per cent to $US4.802 billion due to high oil prices.

For its 2012 forecast, Woodside's target range remains at 73 to 81 MMboe, which will comprise 56 to 60 MMboe from underlying business and 17 to 21 MMboe from the Plute LNG Foundation project.

Woodside Petroleum shares rose as much as 69 cents or 2 per cent to $34.80.