Woodside shares rally as half-year results beat estimates
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More news: Woodside's shares had risen by 4.4% to $27.44 by 11am AEST following its half-year results announcement.
Even though the oil and gas producer posted a 14% fall in underlying after-tax profit, it was higher than analysts' consensus estimates.
Jarden analysts noted that the result was roughly equal to some updated "in-line" financial guidance that Woodside gave last week.
Woodside books 14% slide in half-year profit
The news: Woodside reported a 14% fall in underlying after-tax profit to $1.632 billion for the first six months of the 2024 financial year, amid a weaker LNG price environment.
The numbers: The company attributed a 19% slide in first-half revenue to $5.888 billion to the natural decline in some of its older oil and gas fields and that fewer LNG trades it made were classified as third-party.
Woodside produced 89.3 million barrels of oil equivalent during the period, 4% less than it did for the first half of FY2023.
The context: During the half, Woodside achieved first production at its Sangomar oil and gas field in Senegal. Closer to home, the Scarborough gas project off the coast of Western Australia was two-thirds complete at the end of the first half.
Last month, Woodside announced two agreed acquisitions after 30 June — an investment in Tellurian, owner of the Driftwood LNG project in Louisiana and the OCI Clean Ammonia project in Texas.
What they said: Woodside CEO Meg O'Neill said: "We maintained a high reliability of 97.9% of our operated LNG assets and continue to manage costs effectively in an inflationary environment".
The sources: ASX announcement, Jarden research
