WOODSIDE SAYS LOSS REFLECTS LOWER OIL PRICES
Woodside Petroleum Ltd <WPLA.S> said
its 1986 net loss largely reflected the drop in oil prices
combined with a large tax provision.
    Woodside earlier reported attributable net loss rose to
17.14 mln dlrs in 1986 from 8.73 mln in 1985, although group
revenue rose to 220.84 mln from 173.50 mln.
    It said it should have received a 1.7 mln dlr tax credit
but instead made a 10.04 mln dlr tax provision. This largely
related to its <Vamgas Ltd> unit, non-allowable exchange losses
and tax benefits from the North-West Shelf project not
recognised in the accounts.
    Woodside said the rise in revenue largely reflected full
year sales of gas and condensate from the domestic phase of the
Shelf project, against six month sales in 1985.
    Offsetting this was a 23 pct fall in the Cooper Basin gas
and liquids revenue of its 50.6 pct-owned Vamgas unit.
    Since the balance date Woodside has accepted a Santos Ltd
<STOS.S> takeover offer for Vamgas.
    Woodside said a 92.8 mln dlr capital profit on the sale
would be included in the 1987 accounts.
    It said it lifted capital spending on fixed assets to 269.6
mln dlrs from 178.3 mln, mostly on the Shelf project.
 REUTER
