Woodside Energy Group Ltd. shares advanced 2.0% to AUD 34.14 on Tuesday as investors reacted to the company’s latest financial results and operational updates.
The Australian energy producer reported a 13% increase in operating revenue to US$7.45 billion, alongside a 7% rise in underlying profit. Earnings per share reached US$0.873, exceeding the analyst consensus estimate of US$0.78. Higher realized oil prices contributed to the performance, with average prices climbing to US$74 per barrel of oil equivalent, up from US$61.70 a year earlier.
The company declared a fully franked interim dividend of 57 US cents per share. Management also outlined a cost-savings initiative targeting US$350 million in annual savings by 2028.
On the operational front, Woodside confirmed the Scarborough Energy Project is 98% complete and remains on track to deliver its first liquefied natural gas cargo in the fourth quarter of this year. The broader Australian market provided support, with the ASX 200 index up 0.7%.
