Woodside Energy has reported a 24 per cent decrease in its first-half core profit, primarily due to lower prices and other adjustments that overshadowed a rise in production. The Perth-based oil and gas producer saw its net underlying profit decline to $US1.247 billion for the six months ending June 30, down from $US1.632 billion during the same period last year. This figure aligns with consensus estimates, which had anticipated $US1.242 billion. Woodside is an Australian petroleum exploration and production company with a global presence. They are the largest Australian natural gas producer.
The bottom-line net income also experienced a downturn, falling by 32 per cent to $US1.3 billion. This occurred despite a 10 per cent increase in operating revenue, which reached $US6.59 billion. In response to these financial results, Woodside has declared a first-half dividend of US53¢ per share, a reduction from the US69¢ dividend distributed a year prior.
Investors are keenly observing developments surrounding the proposed 40-year life extension for the North West Shelf gas project located in Western Australia. Discussions between Woodside and the federal government regarding this project appear to have reached a standstill, particularly concerning environmental conditions. Woodside has stated that it remains engaged in ongoing consultations with the government while also evaluating the proposed conditions for the project’s extension.
