Woodside Petroleum (ASX: WPL) has reported its full-year results for FY19. We take a look at the company's headline figures, key commentary and guidance outlook, plus review the share market's reaction across the trading day.

Headline result

Woodside Petroleum has reported total production for the year of 89.6 MMboe, leading to a full-year net profit after tax (NPAT) of US$343m. Operating cashflow across FY19 was US$3.31bn.The company achieved underlying NPAT of US$1.06bn, albeit this was offset by a US$720m non-cash impairment regarding its LNG assets (Kitimat) in Western Canada.A final dividend of US$0.55 per share has been declared. The ex-dividend date will be 24th February, 2020, with the record date being the 25th February, 2020.The market treated Woodside Petroleum's results as 'in line' with expectations. WPL shares traded within a tight range across the day, ultimately closing at $33.74, down 0.4%.

Key commentary

In addition to NPAT of US$343m and operating cashflow of US$3.31bn, Woodside achieved gas unit production costs of $3.9/boe, which excludes the impact from the turnaround at Pluto, and a gross margin of $24 per boe.The company's CEO, Peter Coleman, noted challenges including Tropical Cyclone Veronica and completing "major turnaround activity", taking solace in Woodside Petroleum's ability to achieve key feats, such as record production in the second-half of FY19 at its Pluto LNG project, and a record-low annual injury rate.Other major achievements cited include the reliability of the Karratha Gas Plant, an increase in the estimated contingent resource volume for Scarborough (up 52%), and progression of the Sangomar Field Development Phase 1, which achieved FID in January and is expected to produce oil in 2023.Woodside management have aligned group gearing at the low-end of the company's target range, coming in at 14.4%.Near-term growth initiatives include(d) the delivery of the Greater Enfield Project on schedule and budget, as well as achieving FID on Pyxis Hub and Julimar-Brunello Phase 2.

Guidance outlook

Production guidance for FY20 is in the range of 97-103 MMboe, well above the 89.6 MMboe achieved during FY19. This guidance includes 74-77 MMboe from LNG, 18-20 MMboe from liquids, 4-5 MMboe from Australian domestic gas, and 1 MMboe from LPG and other domestic gas.Woodside expects investment expenditure will be between US$4.1bn to US$4.4bn in 2020.