Woodside Energy revenue and profits soar on war-fuelled oil crisis in Middle East
Woodside is the latest energy major to report surging profits in the wake of the global oil crisis fuelled by the US-Iran war.
Woodside is the latest energy major to report surging profits in the wake of the global oil crisis fuelled by the US war with Iran in the Middle East.
The company has also announced a structured review of the business as it prepares to bring new projects online, including Scarborough, saying it has set a target of stripping $US350 million of cost savings out of the business from 2028.
The Perth-headquartered oil and gas giant on Tuesday reported net profit soared 27 per cent in the first half of the year, up from $US1.32 billion a year ago to $US1.67b.
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By continuing you agree to our Terms and Privacy Policy.Underlying net profit rose 7 per cent to $1.33b.
Operating revenue hit a record, leaping 13 per cent to $US7.45b after average realised prices for a barrel of oil equivalent rose 20 per cent compared to the same period a year ago to $US74.
The huge surge in both revenue and profit came despite production slipping 13 per cent to 86.5 million barrels of oil equivalent.
Woodside will pay out a fully franked interim dividend of US57¢ a share, up from the previous year’s US53¢.
CEO Liz Westcott said the company delivered a resilient first half performance, remaining a secure and reliable supplier to customers throughout a period of global volatility.
“We once again delivered strong production, cash flow and shareholder returns, while continuing to execute the next phase of growth.
“We maintained operational excellence at our assets. Operated LNG reliability was more than 98 per cent and the planned turnaround at Pluto LNG was completed on budget and schedule, derisking the Scarborough energy project schedule in the process.
“We achieved exceptional performance at Sangomar, which produced at near nameplate capacity with 99.5 per cent reliability.
“The Scarborough energy project is now 98 per cent complete and remains on track to deliver first LNG cargo in the fourth quarter of 2026.
“During the half, we completed all upstream infrastructure, and subsequent to the period, achieved ready for start-up and first gas at the floating production unit. Our focus remains on disciplined commissioning and start-up of all facilities to ensure safe and reliable operations from day one.”
Australian fuel refinery and retailer Ampol yesterday posted a near five-fold increase in profit, up to $857.2m in the half year.
Originally published on The Nightly
