Woodside Profit Drops by a Quarter After Hydrogen Project Exit

(Bloomberg) -- Woodside Energy Ltd.’s net income slid by almost a quarter in the six months through June as it booked costs related to its exit from a US hydrogen project and decommissioning several fields.

The Australian natural gas giant’s underlying attributable profit fell 24% from a year earlier to $1.25 billion, the company said on Tuesday. Woodside booked a $143 million impairment from its decision to exit the H2OK hydrogen project in Oklahoma, and a $430 million provision to decommission oil and gas fields.

Revenue jumped 10% to $6.6 billion, following the start of the company’s Sangomar project in Senegal in June 2024. It declared a dividend of 53 cents a share, down 23%. The stock fell as much as 1% in early trading in Sydney. 

The company kept its production guidance little changed, at 188 million to 195 million barrels this year.

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