Woodside reports 14% drop in H1 2024 profit

Australian energy producer Woodside announced on August 27 a 14% year/year decrease in underlying net profit for the first half of 2024, attributed to lower sales volumes and weaker product prices.

The company reported an underlying net profit of $1.63bn, down from $1.89bn in the same period last year. Sales volumes fell by 5% year/year to 93.9mn barrels of oil equivalent (boe).

Woodside’s H1 production totaled 89.3mn boe, a 2% decline from the previous year. Despite this, the company has maintained its full-year production guidance of 185-195mn boe.

CEO Meg O'Neill noted significant interest in the proposed sale of equity in Driftwood, a US LNG project that Woodside will acquire through its recent $1.2bn purchase of Tellurian. Woodside last month entered into a definitive agreement to acquire Tellurian. 

Driftwood LNG, located near Lake Charles, Louisiana, is a fully permitted, pre-final investment decision (FID) development opportunity. The project’s current plan includes five LNG trains across four phases, with a total permitted capacity of 27.6mn tonnes/year. Woodside aims to achieve FID readiness for Phase 1, which includes an 11mn tonnes/year capacity, in the first quarter of 2025.