The Woodside Energy Group Ltd (ASX: WDS) share price is on watch today following the release of the company's half-year results for the six months ending 30 June (H1 2023).
Shares in the S&P/ASX 200 Index (ASX: XJO) oil and gas stock closed up 0.2% on Monday, trading for $38.46 per share.
Here's what Woodside just reported.
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Woodside share price on watch amid soaring profits
- Record H1 net profit after tax (NPAT) of US$1.74 billion, up 6% year on year
- Underlying NPAT of US$1.90 billion, up 4% from H1 2022
- Liquidity of US$7.51 billion as at 30 June
- Declared an interim fully franked dividend of 80 US cents per share, down 27% year on year
What else happened during the year?
Other core metrics that could impact the Woodside share price today include a 6% fall in earnings before interest and taxes (EBIT), which was down 6% from H1 2022 to $2.79 billion.
The ASX 200 oil stock had positive free cash flow of US$294 million.
As for the money Woodside is pumping back into the nation, the company reported record Australian tax and royalty payments of $3.65 billion.
On the operational front, Woodside produced a record 91.3 millions of barrels of oil equivalent (MMboe) over the half year. And the company saw its first production at its Mad Dog Phase 2 Argos platform.
Woodside also completed a major turnaround at Pluto LNG on schedule.
What did management say?
Commenting on the results that could see a sizeable move in the Woodside share price today, CEO Meg O'Neill said:
Our strong financial performance and our focus on disciplined capital management has enabled us to maintain our interim dividend payout ratio through the cycle.
Woodside's gearing remained low at 8.2% at the end of the first half. Our active management of the debt portfolio positions Woodside's balance sheet well as we invest in future production…
During the half Woodside demonstrated its commitment to providing energy security to Australia's domestic gas markets, executing several agreements for the total supply of around 120 petajoules of pipeline gas to retailers and industrial users in both the eastern states and Western Australia.
Looking ahead
Looking ahead to projects that could impact the Woodside share price over the coming year, O'Neill said:
Woodside is actively marketing hydrogen offtake from our proposed H2OK liquid hydrogen project in Oklahoma, in support of our target of being ready to take a FID before year-end.
In Australia we are aiming to be ready to take FID in the second half of 2023 on the Woodside Solar project, which is expected to supply around 50 MW of energy to Pluto LNG.
Woodside share price snapshot
Woodside shares are up 11% over the past six months.
We'll be keeping a close eye on today's price action.
