Woodside's H1 profits surge on higher oil, LNG prices
Australian energy company Woodside Energy on August 30 reported a 414% year/year increase in underlying net profit after tax in the first half of 2022 (H1) thanks to higher oil and LNG prices.
Woodside posted an underlying net profit after tax, which excludes one-off items, of $1.82bn in H1, up from $354mn a year earlier. Net profit after tax came in at $1.64bn, up 417% yr/yr.
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The company CEO Meg O’Neill said the results reflect strong operational performance and higher realised prices, which more than doubled yr/yr to $96.4/barrel of oil equivalent (boe) across the expanded portfolio.
“Our first results since the completion of the merger with BHP’s petroleum business highlight the increased financial and operational strength delivered by our larger, geographically diverse portfolio of high-quality operating assets,” she said.
The production for the half year was 19% higher at 54.9mn boe, benefiting from the contribution in the month of June of the former BHP assets and improved reliability at LNG facilities. Production from Pluto was increased by the start-up of Pyxis Hub and the commencement of gas flows through the interconnector pipeline to Karratha gas plant.
"This well-timed investment allowed us to supply three LNG cargoes, one condensate cargo and pipeline gas into a strong market, generating $419mn in revenue and delivering additional value to our shareholders," O’Neill said.
O’Neill said Woodside is increasing activities at Scarborough and Pluto Train 2 projects in Western Australia, with all major equipment items procured, fabrication of the floating production unit topsides and Pluto Train 2 construction work underway, the subsea trees for the initial development phase complete and pipeline manufacturing progressing.