LNG being offloaded in China. (Photo by VCG/VCG via Getty Images)
VCG via Getty Images
Woodside Energy, Australia’s largest oil and gas producer, reported a modest 7% rise in underlying net profit for the June half‑year, fueling takeover speculation.
The increase lifted profit from $1.24 billion to $1.33 billion, occurring amid elevated oil and gas prices driven by the Iran conflict.
Despite the earnings gain, the company raised its interim dividend from 53 cents to 57 cents per share.
Chief Executive Liz Westcott highlighted strong production, cash flow and shareholder returns, noting that the firm continues to advance its next growth phase.
Liz Westcott, chief executive officer of Woodside Energy Group Ltd. Photographer: Matt Jelonek/Bloomberg
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Total operating revenue rose 13% year‑on‑year to $7.5 billion, underpinned by output of 86.5 million barrels of oil equivalent.
The profit improvement had little impact on the share price, which edged up only 2.5% in early trading on the Australian exchange.
Investor interest is anticipated to grow when Woodside’s flagship Scarborough gas project begins LNG shipments later this year.
Observers will also watch for any merger overtures from Exxon Mobil, as boardroom uncertainty persists following the departure of longtime chairman Richard Goyder, whose successor remains unnamed.
Woodside chairman Richard Goyder. Photographer: Matt Jelonek/Bloomberg
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Industry veteran Mark Cutifani, former CEO of Anglo American and a current Woodside director, is seen as a potential chairman candidate.
However, his ties to activist hedge fund Elliott Management have raised questions among Australian media commentators.
Elliott holds a significant stake in Northern Star Resources, an Australian gold miner that is undergoing a challenging management overhaul.
Cutifani had been nominated by Elliott for a board seat at Northern Star.
Woodside director Mark Cutifani. Photographer: Michele Limina/Bloomberg
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A story in The Australian Financial Review claimed that not all Woodside directors were informed of Cutifani’s involvement in Elliott’s initiative concerning Northern Star.
Interest in Woodside from international investors has risen since early‑year reports indicated Exxon Mobil is seeking to expand its LNG footprint in the Asia‑Pacific region.
The company lacks a dominant shareholder after Shell divested its stake roughly a decade ago.
Besides its broad shareholder base, Woodside remains a major LNG producer with assets in Australia and a developing U.S. project in Louisiana.
