Woodside Energy Ltd reported a 7% year-on-year increase in underlying profit for the first half of 2026, totaling $1.33 billion, as higher oil prices offset a decline in production. Revenue rose 14% to $7.45 billion, supported by average realized oil prices of $74 per barrel of oil equivalent, up from $61.70 a year earlier.
Production volumes fell to 86.5 million barrels of oil equivalent from 99.2 million boe in the prior period. The company attributed the profit growth to elevated oil prices amid supply disruptions linked to the U.S.-Iran conflict and restricted shipping through the Strait of Hormuz.
Woodside declared an interim dividend of 57 cents per share, an increase from 53 cents per share in the same period last year. The company also announced plans to cut $350 million in costs starting in 2028 as part of a revised strategy that includes suspending $5 billion in planned clean energy spending by 2030. A strategic review of the Beaumont New Ammonia asset in Texas is underway.
Chief Executive Liz Westcott stated that Woodside remains on track to meet its 2030 emissions reduction targets, though the company will reduce plans to curb emissions from the use of its products. The adjustments reflect a shift in priorities amid volatile energy markets and geopolitical tensions.
