Woodside’s 2021 profit surges

Australian LNG player Woodside reported a 262 percent rise in its 2021 underlying profit due to higher realized LNG prices.

The Perth-based LNG firm said underlying profit rose to $1.62 billion from $447 million in the year before.

Woodside’s net profit after tax rose 149 percent to $1.98 billion. This compares to a net loss of $4.02 billion in 2020, the firm said on Wednesday.

Also, the LNG producer declared an interim dividend of $1.35 per share.

According to Woodside, its average LNG price reached $58.1 per barrel of oil equivalent in 2021. This compares with $31.2/boe in 2020.

Last month, Woodside said its fourth-quarter sales revenue rose 86 percent, boosted by higher realized prices.

Woodside CEO Meg O’Neill said 2021 was a “transformative year in which the foundations were laid for the company’s future.”

“Woodside ended 2021 in a strong financial position. Our higher underlying full-year profit of $1.62 billion and free cash flow of $851 million reflected our consistent operational performance, the improved price environment for our products and the proactive decisions made to manage our sales portfolio,” O’Neill said.

The CEO said November 2021 could be recorded as the “most remarkable month” in Woodside’s 67-year history, with the agreement to merge with BHP’s petroleum business and the final investment decisions on the Scarborough and Pluto Train 2 projects.

Woodside expects to complete the merger in June, subject to a shareholder vote on the transaction targeted for May 19.

Most Popular

ConocoPhillips books Dunkirk LNG capacity

US energy giant ConocoPhillips has booked regasification capacity at France's Dunkirk LNG facility, and it also signed an Asian LNG sales and purchase deal.

Aramco eyes large LNG portfolio

Aramco's long-term ambition is to have a portfolio of 20 million tonnes per annum (mtpa) of LNG capacity, according to Aramco’s CEO, Amin Nasser.

Argentina’s Southern Energy takes FID on second FLNG

Argentina's Southern Energy takes FID on second FLNG

More News Like This

Woodside scraps US hydrogen project

Australian LNG player Woodside has scrapped its proposed H2OK hydrogen project in Ardmore, Oklahoma.

Australia’s Woodside retires second NWS LNG train

Australian LNG player Woodside has completed the permanent retirement of the second LNG train at its North West Shelf LNG terminal in the Pilbara region of Western Australia due to declining natural gas supplies.

Work progresses on Woodside’s Louisiana LNG export plant

Australian LNG player Woodside is moving forward with construction work on its Louisiana LNG export terminal.

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.