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

Venture Global’s Plaquemines LNG wraps up $4 billion notes offering

Venture Global's unit Plaquemines LNG has closed a $4 billion offering of senior secured notes.

Argentina’s Enarsa to spend $567 million on LNG purchases

Argentina's state-owned LNG importer, Energia Argentina (Enarsa), will spend $570 million to purchase 22 liquefied natural gas (LNG) cargoes from BP and TotalEnergies this year.

Shell’s LNG Canada to ship second cargo

Shell-led LNG Canada is expected to soon ship the second cargo of liquefied natural gas from the Kitimat facility on the west coast of Canada, according to shipping data.

More News Like This

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.

Woodside inks non-binding LNG supply deal with Petronas

Australia's Woodside has signed a non-binding heads of agreement with Malaysia's Petronas to supply the latter with liquefied natural gas (LNG) from its global portfolio. The deal may include supplies from Woodside's Louisiana LNG project in the US.