Profit largest petroconcern Australia fell to 100 times

The company Woodside Petroleum reported a drop in profits by 99% due to the oil crisis. Weak figures call into question its projects for the development of offshore oil and gas fields in the Indian Ocean.

Net income in 2015 was $ 26 million versus $ 2.41 billion in 2014. Falling profit-a consequence of the fall in oil prices since mid-2014. Group revenue fell by a third, from $ 7.08 billion to $ 4.49 billion.

The company also said that in 2015 she was able to reduce the break-even cash flow (break-even cash cost of sales) from $ 14.3 to $ 11.1 per barrel of oil equivalent, but that did not help either rectify the financial performance or the level of support operating cash flow (which is reduced exactly twice, to $ 2.38 billion).

The oil crisis was reflected in the gas business, Woodside Petroleum. First of all we are talking about LNG “Brauz” floating terminal, which is preparing for the construction of the north-western coast of Australia. The joint project of Woodside and the Dutch Shell “Brauz” is intended to serve a number of offshore oil and gas regions, totaling more than 430 billion cubic meters. meters of gas and 453 million barrels. NGL. According to Woodside management, the project is to break even when oil prices are not below $ 35 per barrel., So its future is in question today.

According to the Energy Information Administration (EIA) at the US Department of Energy, in 2014 in Australia, producing about 354 thousand. Barrels. oil daily - half the historic high reached in 2000. The fall in oil prices affected the financial performance of energy concern, which means that their contributions to the budget. Thus, in 2015 Woodside Petroleum paid $ 243 million of taxes, compared to $ 993 million a year earlier. Since the crisis began in the summer of 2014 the Australian dollar has depreciated against the US dollar by almost 25%.

Woodside Petroleum is the largest independent energy company in Australia, founded in 1954. Its shares are traded on the Australian Stock Exchange and are included in the leading index ASX 20, representing the twenty leading concerns of the country. During the last day of trading shares of Woodside Petroleum fell 7%, to 27.49 Australian dollars. The market capitalization of the company amounted to 22.65 billion Australian dollars ($ 16.2 billion).

17 February 2016

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