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Woodside Petroleum H1 Profit Rises 40% - Quick Facts

(RTTNews) - Woodside Petroleum Ltd. (WPL.AX, WOPEY.PK, WOPEF.PK) reported first half net profit after tax of US$901 million, up 40% from US$646 million last year, due mainly to stronger commodity prices and the gain on the sale of Woodside's Otway assets.

Underlying net profit after tax of US$813 million, up 26% from US$646 million in the previous year.

Revenue was US$2.102 billion, up 45% from US$1.446 billion largely due to stronger commodity prices.

The company declared interim dividend of 50 cents per share fully franked will be paid on 23 September 2010 to all shareholders registered at 27 August 2010.

Woodside said that its proposed $30 billion Browse LNG project in Australia is advancing toward a final investment decision by the middle of 2012.

Looking ahead, Woodside expects solid production in second half with ongoing strong NWSV production. Woodside said that its 2010 production target of 70 to 75 MMboe is unchanged.