Australia’s biggest oil and gas company has lifted interim earnings after oil prices soared due to the US-Iran conflict, as it winds back investment in new energy.
Woodside’s underlying net profit after tax – which removes one-off accounting items to indicate actual performance – rose to $US1.33 billion ($A1.85 billion) in the six months to June 30, up from $US1.25 billion ($A1.75 billion) in the equivalent 2025 period.
Woodside had continued to deliver during a period of significant volatility in global energy markets, chief executive Liz Westcott said.
“The temporary withdrawal of 20 per cent of LNG supply and 13 per cent of oil supply from global markets, as a result of the Middle East conflict, drove increased customer demand for Woodside’s products,” Ms Westcott told an analyst briefing on Tuesday.
The company achieved an average realised price of $US74 per barrel of oil equivalent through contracted positions and premiums on crude products, a 20 per cent premium compared to a year earlier.
