Woodside has reported net profit after tax of $1.66bn (A$2.53bn) for 2023, a slump of 74% compared with $6.49bn a year ago.  

This decline is attributed to lower commodity prices, and was partially offset by an increase in sales volumes. 

Operating revenue of the Australian oil and gas company decreased by 17% to $13.99bn from $16.81bn in 2022.  

Similarly, operating cash flow dipped 30% to $6.14bn.  

Woodside reported an annual production of 187.2 million barrels of oil equivalent, attributing this performance to the first full year after merging with BHP‘s petroleum business. 

The company’s operated liquified natural gas (LNG) assets played a crucial role, achieving 98% reliability throughout the year.  

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Woodside said it maintained steady unit production costs at $8.3 per barrel of oil equivalent. 

The reported results were impacted by non-cash, post-tax asset impairments totalling $1.53bn, including approximately $1.17bn for the Shenzi asset. 

Woodside’s board has declared a final dividend of $0.60 per share, culminating in a full-year dividend of $1.40 per share.  

The total value of the year’s dividends amounts to $2.65bn, with the dividend being fully franked. 

Woodside CEO Meg O’Neill said: “Woodside is supplying energy the world needs from a high-quality portfolio, which is geographically advantaged to meet growing demand for LNG. Our focus on disciplined capital management has allowed us to deliver consistently strong returns to shareholders. Underlying profit was strong, enabling us to maintain an 80% dividend payout ratio. 

“In 2024, we are looking forward to celebrating 40 years of safe, reliable domestic gas supply to Western Australia and 35 years of LNG supply to customers overseas. We are focused on delivering first oil from Sangomar and progressing the Scarborough Energy Project and Trion development.”  

Achievements for Woodside in 2023 included signing multiple agreements to sell equity interests in the Scarborough Joint Venture to LNG Japan and, later, to JERA. 

Furthermore, Woodside made a final investment decision on the Trion project and the company also expanded its trading portfolio by signing a sales and purchase agreement with Mexico Pacific.