Woodside shares slip after half-year profit miss
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More news: Shares in Woodside Energy were down more than 2% to $37.67 in early trading on the ASX after the energy giant reported underlying profit below analyst expectations. Woodside said underlying profit for the six months to 30 June was up 4% to US$1.9 billion, while the market consensus was US$2 billion.
Woodside posts record $2.7b first-half profit as asset base expands
The news: Australia’s top oil and gas producer Woodside Energy has lifted half-year profit on the back of expanded production following its merger with BHP’s petroleum business in June last year.
The numbers: Net profit for the six months to 30 June rose 6% to USD1.74 billion ($2.71 billion). Underlying profit was up 4% to USD1.9 billion, below analyst expectations. Operating revenue was up 27% to USD7.4 billion. The company will pay an interim dividend of 80 US cents a share, down from USD1.09 a share a year ago.
The context: Woodside’s record half-year profit comes despite energy prices easing during the first half of 2023, and was primarily driven by additional contribution from the former BHP assets compared to the year ago period. The results will also be the backdrop for negotiations with unions this week, with a heightened risk of industrial action at the company’s North West Shelf offshore platforms, which has already led to a spike in European gas prices amid tight global supplies.
The source: ASX announcement
