Woodside has released its half-year report for the period ended June 30, 2024, showcasing resilience in a challenging market environment.

The company reported a net profit after tax (NPAT) of $1,937 million, marking an 11 per cent increase compared to the same period last year.

However, underlying NPAT decreased by 13.9 per cent to $1,632 million.

Operating revenue saw a 19 per cent decline to $5,988 million, primarily due to lower liquefied natural gas (LNG) revenue, which was partially offset by higher crude oil revenue.

Woodside achieved a production output of 89.3 million barrels of oil equivalent (MMboe) for the half-year, maintaining a high reliability of 97.9 per cent at its operated LNG assets.

The company successfully managed costs in an inflationary environment, with unit production costs decreasing by 5.7 per cent to $8.30 per barrel of oil.

A significant milestone was reached with the commencement of production from the Sangomar project, Senegal’s first offshore oil development.

CEO Meg O’Neill highlighted that the project achieved a peak gross production rate of 100,000 barrels per day, demonstrating Woodside’s project execution capabilities.

Progress on the Scarborough Energy Project in Western Australia continues, with more than two-thirds of the work completed and the first LNG cargo expected in 2026.

The company also finalised the sale of a 10 per cent non-operating participating interest in the Scarborough Joint Venture to LNG Japan for $910 million.

The board has determined a fully franked interim dividend of 69 US cents per share, representing an approximately 80 per cent payout ratio of underlying NPAT.

This dividend, while 14 per cent lower than the previous year, still offers an annualised dividend yield of 7.3 per cent.

Woodside maintains its production guidance for the full year 2024, indicating confidence in its operational performance despite market challenges.

The company’s focus on strategic projects and cost management positions it well for future growth in the energy sector.

As Woodside navigates through market fluctuations, its strong operational performance and strategic investments continue to deliver value for shareholders while contributing to global energy security.