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.

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