Woodside higher Oil prices

Woodside Petroleum reported a 3.6 per cent rise in first-half underlying profit, beating analysts' forecasts as it was buoyed by higher oil prices. Woodside struck to its trimmer forecast for full year production of 62-64 million barrels of oil. In June it reported a near $1 billion cost blowout on the Pluto project to $US 14.9 billion and pushed out its start up to March 2012. Net profit fell to $US828 million ($792.65 million) for the six months to June 30 2011, from $US901 million for the same period a year earlier, Perth-based Woodside said in a statement. Despite the higher revenue, Woodside witnessed lower sales and production levels in 2011. Woodside’s interim dividend, fully franked, will be 55 US cents per share, with a record date of August 26. Revenue was up 7.2 per cent to $US2.253 billion, from $US2.102 billion.