(Reuters) – Woodside Petroleum Ltd said on Thursday its annual profit more than tripled, helped by higher prices and strong demand for oil and gas.

The company posted an underlying net profit after tax, excluding one-time charges, of $1.62 billion for the year ended Dec. 31, compared with a profit of $447 million a year earlier. Analysts had expected a profit of $1.36 billion, according to RBC.

(This story corrects paragraph 2 to say the company reported results for the year ended Dec. 31, not half-year ended Dec. 31)

(Reporting by Arundhati Dutta and Riya Sharma in Bengaluru; Editing by Shounak Dasgupta)