February 13, 2018 / 10:31 PM / 2 months ago

Australia's Woodside to up stake in Scarborough gas field, reports jump in profit

Feb 14 (Reuters) - Woodside Petroleum on Wednesday said it would acquire an additional 50 percent stake in the Scarborough gas field in Western Australia from Exxon Mobil Corp for $444 million, and reported a 18 percent jump in annual profit.

Australia’s top oil and gas producer posted net profit of $1.02 billion for 2017, up from $868 million last year, helped by higher oil and gas prices, and cost cuts. This missed estimates of $1.06 billion according to Thomson Reuters I/B/E/S, by a small margin.

Woodside declared a full-year dividend of $0.98 per share, up from $0.83 a share a year ago. (Reporting by Susan Mathew in Bengaluru; Editing by Sandra Maler)

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