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Investing.com-- Woodside (OTC:WOPEY) Energy (ASX:WDS) on Tuesday reported a decline in its underlying profit for the full year 2024, driven by lower realized oil and gas prices, despite achieving record production levels.
The company’s underlying net profit after tax fell 13% to $2.88 billion for the year ended December 31, primarily due to weaker energy prices, which offset strong production performance.
Woodside’s record annual production of 193.9 million barrels of oil equivalent was supported by the early success of its Sangomar project and high reliability at its LNG facilities. However, the drop in realized prices for oil and gas weighed on revenue, leading to a decline in underlying earnings.
Woodside shares were largely unchanged at A$23.40 in early trade.
Looking ahead, Woodside remains optimistic about its growth prospects, with major projects like Scarborough and Trion on track for completion in the coming years.
The company also highlighted its strategic acquisitions, including Louisiana LNG and Beaumont New Ammonia, which are expected to bolster long-term profitability and support its transition to lower-carbon energy solutions.
“Woodside begins 2025 with a strong balance sheet, a resilient and high-performing base business and an attractive portfolio of projects which position us to deliver value-accretive growth and shareholder returns,” CEO Meg O’Neill said.
Woodside declared a final dividend of 53 cents per share, maintaining its payout ratio at the top of its target range.