Woodside Petroleum has increased its full year production target after enjoying a 43 per cent surge in the second quarter.
Woodside said it produced 20.1 million barrels of oil equivalent (mmboe) in the three months to the end of June, up from 14.1 mmboe in the first quarter.
Compared to the previous corresponding period, production was up 23 per cent.
Woodside's said it had now increased its production target range for 2012 to 77 to 83 mmboe from its previous forecast of 73 to 81 mmboe.
"The increase in the range is primarily due to better than expected performance from Pluto LNG with a smaller increase due to the rescheduling of the planned Vincent shut-down from Q4 2012 into 2013," Woodside said in a statement.
Woodside's shares were up 4.4 per cent, or $1.34, to $31.72 at 1030 AEST.
Woodside's second quarter result was aided by the ramp-up of the Pluto LNG plant and strong results from its core businesses.
Second quarter revenues rose 20 per cent on the first quarter to $US1.43 billion.
Compared to the previous corresponding period, revenues were up 14 per cent.
Woodside chief executive Peter Coleman said the Pluto LNG Plant, which was commissioned, had achieved superior performance compared to the expected ramp-up.
"This quarter saw continued strong performance from the foundation business, further enhanced by Pluto production, which has exceeded expectations with the delivery of eight LNG cargoes," he said.
On the introduction of the federal government's carbon tax, Woodside said it faced costs of $20-$40 million for the year to June 30, 2013.
It said the Petroleum Resource Rent Tax for the first half was expected to be $10-$50 million.
Woodside also flagged higher depreciation, depletion and amortisation costs for the first half of $420-$460 million.
It also expects to record other costs of $45-60 million in the first half related to its Pluto cargo mitigation and other one-off costs.
