Shares in Woodside Energy Group rose 2.0% to AUD 34.14 on Tuesday after the company reported solid first-half financial results, outpacing broader market gains.
The Australian oil and gas producer posted a 13% increase in operating revenue to US$ 7.446 billion, while underlying profit grew 7% year-over-year. Realized oil prices averaged US$ 74 per barrel of oil equivalent, up from US$ 61.7 in the same period last year. Earnings per share reached US$ 0.873, exceeding analyst expectations of US$ 0.78.
Woodside also declared an interim dividend of US$ 0.57 per share, fully franked. The company reaffirmed its cost-reduction program, targeting annual savings of US$ 350 million from 2028 onward.
The Scarborough Energy Project remains 98% complete and is on track to deliver its first liquefied natural gas cargo in the fourth quarter of this year. Woodside’s shares outperformed the ASX 200, which rose 0.7% on the day.
