January 15, 2015 , Amanda Saunders
Woodside Petroleum has advised it is set to cut capital investment this year after the plunge in crude oil prices, despite reporting record sales for the full year.
The collapse in oil prices is also contributing to as much as $US400 million in write-downs that Woodside flagged for its assets for the full-year.
It also reported a step backwards at its Browse floating LNG project, saying that a joint marketing agreement for LNG signed in 2012 with project partners Mitsui and Mitsubishi had been terminated.
“With lower oil prices we are assessing the impact on near-term profitability and future cash flows and revising investment expenditure accordingly,” Woodside said in its quarterly report on Thursday. It said it would update the market on the revised plans in February.