According to The Australian Financial Review, higher prices and reduced production costs have helped Woodside report a 49 per cent increase in first-half profit, with chief executive Peter Coleman saying the oil and gas producer is in a "strong" position for the second half.
The market reflected satisfaction with the result, pushing Woodside shares up as much as 5.6 per cent in early trading. The stock was up 4.2 per cent at $30.355 at 11:44am AEDT.
Net profit for the June half rose to $US507 million, while free cash flow jumped 170 per cent to $US445 million.
"We are progressing the priorities we outlined in our plan to deliver shareholder value across three distinct time horizons," Mr Coleman said.
He advised the start-up of the Wheatstone LNG project in Western Australia, which will give Woodside's production a boost, is imminent and pointed to exploration success in Myanmar and Senegal.
Woodside declared an interim dividend of US49¢, up from US34¢ a year ago.
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