Blue Chip Stocks News Woodside Petroleum (WPL)

Woodside Petroleum WPL ASXWoodside Petroleum (WPL) is Australia’s largest oil and gas explorer and producer, and one of the world’s leading producers of liquefied natural gas (LNG).

The company is also considered among the blue chip stocks in the Australian share market.

WPL reported its 4Q10 production numbers last week. Production fell 3% from the previous quarter, while revenue increased 2% due to higher commodity prices.

For the year, output declined 10% to 72.7 million barrels of oil equivalent (mmboe) which was line with the company’s guidance of 70 – 75 mmboe.

The group attributed the fall in yearly production to the sale of its interest in the Otway Gas Project and oil-field decline.

WPL confirmed the expected start-up date for its Pluto LNG project in August, while its 2011 production guidance was 63 – 66 mmboe, excluding the contribution from Pluto.

WPL declined 0.6% on the day of its production update.

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