Woodside posts record revenue in 2012

Woodside Petroleum lifted production and revenue by about 30 per cent in 2012 to new records, due to its massive Pluto liquefied natural gas operations in Western Australia.

Woodside's revenue in the 12 months to December 31 was $6.2 billion, up 30 per cent from $4.8 billion in 2011.

Production in 2012 was 84.9 million barrels of oil equivalent (mmboe), up 31 per cent from 64.6 mmboe in 2011 and within its previously-issued guidance.

"Our full-year production levels clearly demonstrate what a game-changer Pluto is for Woodside, with production levels consistently above our expectations," Woodside chief executive Peter Coleman said in a statement on Thursday.

Production began at the Pluto project in April 2012, and its ramp-up had exceeded expectations, Woodside said.

In the three months to December 31, Woodside's production was 24.3 mmboe, up 46 per cent from the previous corresponding period.

But it was down from the three months to September 30, because of scheduled maintenance and seasonal factors, Woodside said.

Mr Coleman said the strength of the Pluto project had enabled Woodside to pursue growth opportunities, such as recently-announced exploration agreements in Israel and Myanmar.

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