Home / Business and Economy / Woodside Energy Boosts Dividend Amid Profit Slump
Woodside Energy Boosts Dividend Amid Profit Slump
24 Feb
Summary
- Woodside shares climbed after a dividend increase, despite a profit decline.
- Total oil and gas production reached a record high of 198.8 million barrels.
- Key projects in Texas, Louisiana, Australia, and Mexico are progressing.
Woodside Energy Group Ltd.'s shares experienced a notable increase, reaching a 17-month high in early Sydney trading. This rise followed the company's decision to raise its final dividend to 59 US cents per share, an increase from the previous year's 53 cents. This move occurred despite a reported 24% slump in annual net income, which settled at $2.7 billion.
Despite the uncertainty surrounding the departure of its Chief Executive Officer in December, Woodside's near-term performance is not expected to be significantly impacted. The company achieved a record total oil and gas production of over 6% more, totaling 198.8 million barrels of oil equivalent. This increased output helped to counterbalance a 5% drop in the average realized price to $60 a barrel of oil equivalent.
Advancements in key projects are bolstering Woodside's strategic outlook. The Beaumont ammonia plant in Texas commenced operations last year, and a final investment decision was made for Louisiana LNG, slated for its first shipment in 2029. In Australia, the Scarborough project is nearing completion at 94% and is on track to deliver its first liquefied natural gas cargo in the fourth quarter. Additionally, the Trion field in Mexico remains on schedule for first oil in 2028.
