Woodside Shares Rise on Improved Dividend Even as Profit Drops
(Bloomberg) -- Woodside Energy Group Ltd.’s shares advanced after Australia’s largest oil and gas company raised its dividend, despite a slump in profit.
The company’s stock rose more than 2% to its highest close in 18 months in Sydney trading. The energy firm will pay a final dividend of 59 US cents a share, up from 53 cents a year earlier, it said Tuesday after reporting a 24% drop in annual net income to $2.7 billion.
Woodside’s long-term strategy faces uncertainty after the shock departure of Chief Executive Officer Meg O’Neill in December. However, the transition is unlikely to impact near-term performance, according to Bloomberg Intelligence analyst Anthony Chen.
Total oil and gas production rose more than 6% to a record 198.8 million barrels of oil equivalent, Woodside said Tuesday. That helped offset a drop in the average realized price of 5% to $60 a barrel of oil equivalent.
The higher output came after the start of the Beaumont ammonia plant in Texas last year and the taking of a final investment decision on Louisiana LNG, which is set to load its first shipment in 2029. The Scarborough project in Australia is 94% complete and on track to deliver its first liquefied natural gas cargo in the fourth quarter, while the Trion field in Mexico remains on target for first oil in 2028.
“Woodside’s objectives for 2026 are clear: ramp up Beaumont; deliver first LNG cargo from Scarborough; and continue progressing Louisiana LNG and Trion to schedule and budget,” Acting CEO Liz Westcott said in a statement.
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