Woodside Energy Ltd reported a 7% year-on-year increase in first-half underlying profit to $1.33 billion, driven by a 14% rise in operating revenue to $7.45 billion despite a 13% decline in production.
Output fell to 86.5 million barrels of oil equivalent from 99.2 million boe in the prior period, reflecting operational constraints. The company’s average realized prices surged to $74 per boe from $61.7 per boe a year earlier, benefiting from elevated oil prices amid regional supply disruptions.
The interim dividend was increased to 57 cents per share, up from 53 cents per share in the same period last year. Woodside attributed the profit growth to stronger local demand and higher oil prices, which offset the impact of reduced production volumes.
Supply disruptions linked to the U.S.-Iran conflict contributed to the oil price surge, notably disrupting shipping through the Strait of Hormuz, a critical oil transit route. The company did not provide updated guidance for the full year.
