MELBOURNE, Feb 17 (Reuters) - Woodside Petroleum WPL.AX reported a 99 percent plunge in annual net profit, hammered by the drop in oil prices since last June and writedowns on its assets to reflect a weaker outlook for oil and gas, though its core profit beat market forecasts.
Australia's biggest oil and gas producer said cost-cutting and strong production volumes were helping it to withstand the collapse in oil prices.
"Woodside, with its low cost of production, is well positioned to withstand this commodity cycle," Chief Executive Peter Coleman said in a statement.
Underlying profit excluding the one-offs fell 53 percent to $1.126 billion, well above market forecasts around $902 million, according to Thomson Reuters I/B/E/S.
Net profit for 2015 slid to $26 million, hit by $1.1 billion in impairments after tax, which it flagged in January.
Woodside announced a full-year dividend of $1.09, topping market forecasts at $1.05.
The company did not say whether its partners still planned to make a final decision in the second half of 2016 on whether to build the Browse floating liquefied natural gas (LNG) project. Analysts expect the final decision will be delayed due to the market slump.