Woodside Petroleum Limited (ASX:WPL) share price falls despite profit increasing 6%

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Woodside Petroleum Limited (ASX: WPL) shares are down 92 cents or 2.54% to $35.36 in early trade, despite reporting a 6% increase in half-year profit.

Woodside said the profit rise to $US541 million ($A747 million) comes on the back of higher oil prices and improved production volumes.

Australia’s largest listed oil and gas explorer lifted its revenue 27% to $US2.39 billion, helped by a ramp-up at its Wheatstone liquefied natural gas (LNG) project in Western Australia.

The company declared a fully-franked interim dividend of 53 US cents a share, up 4 cents from a year earlier.

The Woodside Petroleum Limited share price has gained 10.9% since the beginning of 2018, compared to the S&P/ASX 200 Index, which is up 3.87%.

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Lauren Surplice is a keen follower of the stock market, investing in individual companies and funds. She follows the daily stock market news, covering the ASX stocks that are moving the markets. You can contact Lauren at laurens@thecapitalclub.com.au