Woodside's underlying profit up 17% in H1
Australia’s Woodside on August 18 said its underlying net profit, which excludes one-off items, in the six months to June 30 (H1) was up 17% year/year on the back of higher realised prices.
The underlying net profit came in at $354mn compared with $303mn in the same period last year. Its net profit after tax was $317mn as against a loss of over $4bn last year. Operating revenue rose 31% yr/yr to $2.5bn.
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Woodside's newly appointed CEO Meg O’Neill said the result reflected the strong rebound in market conditions following the challenges and uncertainty brought on by COVID-19 in 2020.
“Our revenue was buoyed by higher realised prices driven by the recovery in demand for LNG and oil. Sales volumes increased by 6% to 53.9mn boe for the half, as we increased trading activity in response to favourable market conditions,” she said.
Woodside’s production in H1 was 43.6mn boe, down from 50.1mn boe. The company cut the top end of its full-year production guidance to 93mn boe from 95mn boe. It now expects the output to be in the range of 90mn boe and 93mn boe.
Woodside on August 17 announced its merger with BHP’s petroleum business. The merged entity will be 52% owned by Woodside shareholders and 48% by BHP.