Woodside Petroleum's net profit collapses by 99%

Baku. 17 February. REPORT.AZ/ Woodside Petroleum Ltd.'s profit was almost wiped out last year by the slump in oil prices and hefty impairment charges, Report informs referring to the foreign media.

The fall in earnings weighed heavily on the Australian energy company's dividend payout, which was cut by 70% for the latter half of the year, although the company said its low cost of production meant it remained well positioned to withstand swings in the commodity cycle.

Woodside said Wednesday its net profit fell 99% to US$26 million in 2015 from US$2.41 billion the year before. The energy company last swung to a loss in 2002.

The result was squeezed by US$1.1 billion in one-off charges, including impairments against the value of Woodside's assets due to lowered oil-price assumptions. Stripping out one-time items, the profit for the year was US$1.13 billion--the figure the company based its dividend on--while revenue from operations was 32% lower at US$5.03 billion.

Woodside said it would pay a final dividend of 43 U.S. cents a share, down from a record payout for the same period last year of US$1.44. For the year, the dividend falls to US$1.09 a share from US$2.55 for 2014.