This giant oil producer announced a loss of $92m for the 2002 year. However this was impacted by writedowns totalling $821m on its investment in Oil Search and some accounting changes to the way it treats exploration. The underlying profit was $729m, down from $818m last year. A fully-franked dividend of 41 cents was declared (ex-date 3 March). The market seems to be focusing on the short-term production decline from some of Woodside's older, more mature fields. But the company's black book is bulging with great longer-term projects and it remains a good LONG TERM BUY.