Woodside has reported a five-fold increase in net profit to $US1.64 billion ($2.4 billion) for the half year powered by a war-fuelled doubling of oil and gas prices that added $US2.5 billion to its revenue.
Woodside chief executive Meg O’Neill said the result came from higher prices and better operational performance.
Woodside CEO Meg O’Neill says talks to divest a stake in Sangomar broke down due to valuation.Credit:Louie Douvis
“Our first results since the completion of the merger with BHP’s petroleum business highlight the increased financial and operational strength delivered by our larger, geographically diverse portfolio of high-quality operating assets,” she said.
Increased production added $US820 million to the bottom line that was clipped by $US474 million in extra administration due to its purchase of BHP’s petroleum division and a $US1.09 billion turnaround in tax payments.
Shareholders will receive $US2.07 billion via a fully franked dividend of $US1.09 a share made up of 76c from an allocation of 80 per cent of the net profit after tax and 33c from cash payments from BHP after the sale of its assets was completed.
O’Neill said Woodside was increasing work on its $US12 billion Scarborough to Pluto project with all major equipment items procured, fabrication of the floating production unit topsides and onshore construction works underway.
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