Australia’s Woodside logs higher profit

Australian LNG player Woodside reported a 17 percent year-on-year rise in its first-half underlying profit due to higher realized prices.

The Perth-based LNG firm said underlying profit rose to $345 million in the January-June period from $303 million in the year before.

Woodside’s net profit after tax also rose to $317 million when compared to a net loss of $4.06 billion in the first half last year.

Also, the firm declared an interim dividend of 30 US cents per share, representing an
approximately 80 percent payout ratio of underlying profit.

The results come one day Woodside announced it had signed a merger agreement with BHP’s oil and gas business.

The proposed merger worth about $28 billion would create the largest energy company listed on the ASX, with a global top 10 position in the LNG industry by production, according to Woodside.

Market rebound

Woodside CEO Meg O’Neill said the result reflected the strong rebound in market conditions following the challenges and uncertainty brought on by Covid-19 in 2020.

“Our revenue was buoyed by higher realized prices driven by the recovery in demand for LNG and oil. Sales volumes increased by 6 percent to 53.9 million barrels of oil equivalent for the half, as we increased trading activity in response to favorable market conditions,” she said.

“During the half, Woodside generated $1,318 million of cash flow from operating activities and delivered positive free cash flow of $311 million,” O’Neill said.

Most Popular

Fluxys awards Zeebrugge LNG gig to Sacyr Proyecta

Belgium's Fluxys has awarded a new contract to Spain's Sacyr Proyecta for services at its LNG terminal in Zeebrugge, Belgium.

Rotterdam LNG bunkering volumes climb in H1

Liquefied natural gas (LNG) bunkering volumes in the Dutch port of Rotterdam rose in the first half of this year compared to last year, despite a drop in second-quarter volumes.

China’s gas imports up in June

China's natural gas imports, including pipeline gas and LNG, rose by 1.1 percent last month compared to June 2024, according to customs data.

More News Like This

Woodside inks LNG collaboration pact with Hyundai Engineering, Hyundai Glovis

Australian LNG player Woodside has signed a non-binding memorandum of understanding with South Korea's Hyundai Engineering and Hyundai Glovis, establishing a strategic framework to collaborate on LNG project development, engineering services, and shipping logistics.

Great Lakes clinches Louisiana LNG dredging gig

US firm Great Lakes Dredge & Dock has secured a dredging contract from compatriot Bechtel for dredging work on Woodside's Louisiana LNG project.

Woodside, Stonepeak wrap up Louisiana LNG stake sale

Australian LNG player Woodside has completed the previously announced sell-down of a 40 percent stake in its Louisiana LNG project to US private equity firm Stonepeak.

Woodside, Jera ink non-binding winter LNG supply deal

A unit of Australian LNG player Woodside and Japan's Jera have entered into a non-binding heads of agreement for the sale and purchase of LNG cargoes during Japan’s peak winter period.