August 30, 2024 [Storage Terminals Magazine]- Woodside Energy Group Ltd reported strong financial and operational performance for the first half of 2024, despite facing a challenging market environment. The company achieved a net profit after tax of $1,937 million, representing an 11 percent increase compared to the same period in 2023. However, the underlying NPAT was $1,632 million, reflecting a 14 percent decrease due to lower realised prices and reduced third-party LNG trades.

Key Financial Highlights:

• Operating revenue was $5,988 million, a 19 percent decline from H1 2023.
• Operating cash flow stood at $2,393 million, with free cash flow of $740 million.
• A fully franked interim dividend of 69 US cents per share was declared, equating to a half-year annualised dividend yield of 7.3 percent.

Operational Achievements:

• Production reached 89.3 MMboe, with unit production costs reduced to $8.3/boe.
• Significant milestones included the first oil production from the Sangomar Project in Senegal, which is expected to deliver enduring value.
• The Scarborough Energy Project in Western Australia, a major LNG initiative, reached 67 percent completion, with the first LNG cargo expected in 2026.

Strategic Developments:

• Woodside completed the sale of a 10 percent interest in the Scarborough Joint Venture to LNG Japan for $910 million and agreed to sell an additional 15.1 percent stake to JERA for $1,400 million.
• The company signed long-term LNG supply agreements with Korea Gas Corporation and CPC Corporation, Taiwan.
• In its new energy ventures, Woodside secured all primary environmental approvals for the Hydrogen Refueller H2Perth project and continued advancing carbon capture and storage initiatives.

Future Outlook:

Woodside remains committed to its strategy of leveraging high-performing assets while positioning itself as a leader in the energy transition. The company is actively managing its capital to maintain a strong balance sheet, with gearing expected to temporarily exceed the target range due to planned acquisitions and ongoing investments.

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