Woodside posts 74% fall in profit and slashes dividend
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The news: Woodside Energy reported a 74% drop in full-year profit, after earnings were hit by weaker energy prices and major write-downs.
The numbers: Net profit for the year to December 2023 tumbled to USD1.7 billion ($2.6 billion) from USD6.5 billion in 2022.
Revenue fell 17% to USD14 billion, while the company declared a final dividend of USD1.40 per share, down from USD2.53 per share during the prior corresponding period.
The oil and gas producer also took on USD1.9 billion in impairment losses for the year, while an average 30% drop in sale prices compared to FY22 dented earnings.
The context: Woodside CEO Meg O'Neill noted that 2023 saw record production levels, while the energy group transitioned to a larger entity following the merger with BHP's petroleum business in June.
