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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Woodside Petroleum Limited    WPL   AU000000WPL2

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Woodside Petroleum Takes Up To US$140 Million Impairment

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07/18/2013 | 02:24am CET
   By Ross Kelly 
 

SYDNEY--Woodside Petroleum Ltd. (>> Woodside Petroleum Limited) said Thursday that early design work on projects that were never built will shave up to US$140 million from its first-half profit.

Australia's second-biggest oil company by output behind BHP Billiton Ltd. (>> BHP Billiton Limited) said it expects to book an impairment charge of between US$120 million and US$140 million for the six months to June 30. Last year, Woodside booked a first-half profit of US$812 million.

The blow is partly related to the cost of early design work on an expansion of its Pluto gas-export plant in Western Australia state, which was later put on ice after Woodside failed to enough gas in an expensive drilling campaign.

Costs associated with planning the development of the Laverda oil discovery, also offshore Western Australia, contributed to the writedown, Woodside said.

Separately, the company said oil production fell 0.6% to 20 million barrels of oil equivalent in the three months to June 30. Quarterly revenue fell 6% to US$1.35 billion due to a longer-than-expected shutdown of its Vincent oil production facility.

Write to Ross Kelly at ross.kelly@wsj.com

Stocks mentioned in the article : Woodside Petroleum Limited, BHP Billiton Limited
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Financials ($)
Sales 2017 4 282 M
EBIT 2017 1 769 M
Net income 2017 1 109 M
Debt 2017 4 622 M
Yield 2017 4,32%
P/E ratio 2017 17,99
P/E ratio 2018 15,68
EV / Sales 2017 5,82x
EV / Sales 2018 5,15x
Capitalization 20 306 M
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Mean consensus HOLD
Number of Analysts 14
Average target price 25,2 $
Spread / Average Target 4,1%
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Peter John Coleman Chief Executive Officer, MD & Executive Director
Michael Alfred Chaney Chairman
Michael Utsler Chief Operating Officer
Lawrence John Tremaine Chief Financial Officer & Executive Vice President
Shaun Gregory Senior VP-Strategy, Science & Technology
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