Australian oil and gas producer Woodside Energy Group Ltd (WDS.AX,WDS) reported Tuesday higher first-half profit with strong growth in average realized price, despite weak production. Further, the firm tightened fiscal 2026 production outlook.
The company said the Middle East conflict disrupted global liquefied natural gas and oil supply during the period, strengthening commodity prices and increasing customer demand for its products.
In the first half, net profit was $1.672 billion, up 27 percent from the prior year's $1.316 billion. Earnings per share increased to 88.2 US cents from 69.4 US cents in the previous half-year period.
Underlying net profit stood at $1.334 billion, compared with $1.247 billion a year ago, reflecting a 7 percent increase.
EBIT climbed 19 percent from last year to $2.157 billion. Underlying EBITDA was $4.647 billion, up 1 percent from $4.600 billion a year ago.
Operating revenue increased 13 percent to $7.446 billion from $6.590 billion last year.
The average realized price improved 20 percent to $74.0 per barrel of oil equivalent or boe from $61.7 per boe a year ago.
Manwhile, production volumes declined 13 percent to 478 thousand boe per day from 548 thousand boe in the comparable period last year. Total production volumes reached 86.5 million boe, down from 99.2 million boe a year ago.
Total sales volume was 99.8 million boe, down 5 percent from 104.8 million boe a year ago.
Further, the board declared a fully franked interim dividend of 57 US cents per share, with a record date of September 4.
Looking ahead for fiscal 2026, the company has provided updated full-year production guidance of 174 to 185 million boe, compared with prior guidance of 172 to 186 million boe.
Woodside also has set an annual cost savings target of $350 million from 2028 to be delivered through a structured review of its business.
In Australia, the shares were trading at A$33.24, down 0.73 percent.
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