Woodside Energy Reports Strong Half-Year Results, Interest in Driftwood Stake Sale

Woodside Energy Reports Strong Half-Year Results, Interest in Driftwood Stake Sale

Woodside Energy has reported its half-year 2024 results, revealing an operating cash flow of $3.3 billion and positive free cash flow. Despite a 14% decline in half-year profit due to lower oil prices, the company's results and declared interim dividend of 69 US cents per share exceeded market expectations, leading to a 4% rise in its shares. This dividend represents 80% of the underlying net profit after tax, down from 80 US cents per share a year earlier.

Operational highlights for the period include achieving first oil at the Sangomar Project in June 2024 and the completion of the Scarborough Energy Project, with the first LNG cargo expected in 2026. Additionally, Woodside entered into significant transactions, including the acquisition of U.S. LNG developer Tellurian for $1.2 billion, which includes debt, and OCI’s Clean Ammonia Project for approximately $3 billion. These acquisitions are anticipated to bolster long-term shareholder value and reflect the company’s commitment to growth and energy transition.

CEO Meg O'Neill noted substantial interest in the proposed sale of equity in the Driftwood LNG export project, part of the Tellurian acquisition. The company's strategic investments and robust dividend policy underscore its efforts to balance shareholder returns with its expansion into low-carbon energy projects.

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