Woodside’s profit more than doubles to $5.6 billion

[Pelican Press 0]

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Woodside’s profit more than doubles to $5.6 billion

Woodside says its statutory net profit after tax rose 115 per cent in 2024 to $US3.57 billion ($5.62 billion), but it will pay a smaller dividend.

Australia’s largest oil and gas producer said its underlying net profit for the 12 months to December 31 was down 13 per cent to $US2.88 billion ($4.5 billion), primarily due to lower oil and gas prices.

The company produced a record 193.9 million barrels of oil equivalent in 2024, underpinned by strong early production at its Sangomar oil field off the coast of Senegal, which $1.5 generated US$950 million in sales revenue since producing its first oil in June.

Woodside chief executive Meg O’Neill said that Woodside was set to become a highly cash-generative business.

“Our proven track record of operational excellence, disciplined investment decisions and world-class project execution is delivering near-term rewards for our shareholders while laying the foundations for a new chapter of value creation.”

Woodside’s Scarborough project 375km off the Pilbara coast of WA is now 80 per cent complete and on track for its first LNG cargo in 2026, Ms O’Neill said.

Woodside said its operating revenue was down six per cent to $US13.2 billion, as the average realised price it received for oil equivalent dropped seven per cent.

Production costs were down two per cent despite the inflationary environment, Woodside highlighted.

Woodside said that it would pay a 53 US cent per share fully franked final dividend, down from 60 cents per share a year ago.

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