Woodside’s profit dips in 2023

Australian LNG producer Woodside reported a 74 percent drop in its 2023 profit due to lower prices.

The Perth-based firm, which is a top 10 global independent energy company by hydrocarbon production after the completion of the merger with BHP’s oil and gas business in 2022, reported 2023 net profit after tax (NPAT) of $1.66 billion.

This compares to $6.5 billion in 2022.

Underlying net profit after tax reached about $3.32 billion, a drop of 37 percent compared to the year before.

Woodside previously said it achieved record full-year 2023 production of 187.2 MMboe (513 Mboe/day), at the top end of production guidance of 183 – 188 MMboe.

Woodside’s CEO Meg O’Neill said the company’s focus on “disciplined capital management has allowed us to deliver consistently strong returns to shareholders. Underlying profit was strong, enabling us to maintain an 80 percent dividend payout.”

“While realized prices were down year-on-year to levels closer to historic norms, annual sales volume topped 200 million barrels of oil equivalent (over 548 Mboe/d), generating revenue of almost $14 billion. Free cash flow of $560 million was a significant achievement in a period of major capital expenditure and normalized prices,” she said.

Most Popular

Shell adds another LNG carrier to its fleet

A unit of UK-based LNG giant Shell has added another chartered liquefied natural gas carrier to its fleet.

Chevron, China’s ENN seal second LNG SPA

US energy giant Chevron has signed a second LNG sales and purchase agreement with Chinese independent gas distributor ENN.

Venture Global gets OK to introduce gas to final Plaquemines LNG block

US LNG exporter Venture Global LNG has received approval from the US FERC to introduce natural gas to the 18th and final liquefaction block at the Plaquemines LNG terminal in Louisiana as part of the plant’s commissioning process.

More News Like This

Woodside clears final Scarborough hurdle

Woodside’s $12.5 billion Scarborough project in Western Australia has cleared the final legal hurdle following a ruling by Australia's Federal Court.

Woodside working to charter vessels to ship Louisiana LNG cargoes, CEO says

Australian LNG player Woodside is currently working through how many chartered liquefied natural gas carriers the company will need to ship cargoes from its Louisiana LNG export terminal in the US, according to CEO Meg O’Neill.

Woodside’s profit drops in H1

Australian LNG producer Woodside reported a 24 percent drop in its first-half profit due to lower prices, depreciation costs, and a pre-tax impairment on the H2OK project following the decision to scrap the US hydrogen project.

Woodside scraps US hydrogen project

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