Woodside Energy Group Ltd. shares advanced 2.0% to AUD 34.14 on Tuesday, outperforming the broader market as the ASX 200 climbed 0.7%. The gains followed the release of first-half results that exceeded analyst expectations, with operating revenue rising 13% year-over-year to US$7.45 billion and underlying profit up 7%. Realized oil prices averaged US$74 per barrel of oil equivalent, compared with US$61.70 in the prior-year period.
Earnings per share reached US$0.873, topping the consensus estimate of US$0.78. The board declared a fully franked interim dividend of 57 US cents per share, signaling continued cash returns to shareholders despite ongoing capital commitments.
Management outlined a structured cost savings program aimed at delivering US$350 million in annual savings from 2028 onward, reflecting efforts to offset inflationary pressures and sustain margins. The company also confirmed the Scarborough Energy Project remains 98% complete and is on schedule to deliver its first liquefied natural gas cargo in the fourth quarter of this year.
The results underscore Woodside’s ability to navigate volatile energy markets while progressing key growth projects, analysts said.
