The Woodside Energy Group Ltd (ASX: WDS) share price fell 2.5% in August 2023, compared to a 1.4% fall for the S&P/ASX 200 Index (ASX: XJO).
While the ASX 200 also declined, the ASX energy share (in purple) fell harder, as seen on the chart below.
However, as the chart shows, the Woodside share price has since bounced back in September and it's up another 1.6% today.
During August, the oil and gas ASX share announced something that most investors usually view as very important – a result.
Image source: Getty Images
Earnings recap
On 22 August, Woodside announced its report for the six months to 30 June 2023.
The company reported that its operating revenue grew by 27% to US$7.4 billion. During the period, underlying earnings before interest, tax, depreciation and amortisation (EBITDA) grew 23% to US$4.9 billion. At the same time, underlying net profit after tax (NPAT) increased 4% to US$1.9 billion and NPAT went up 6% to US$1.74 billion. Indeed, profitability can be key for the Woodside share price.
Free cash flow dropped 88% to US$294 million, while the declared interim dividend was cut by 27% to US$0.80 per share.
Sales benefited from the contribution of the BHP Group Ltd (ASX: BHP) petroleum assets, which Woodside acquired last year. However, there are various factors that caused net profit to rise slower than revenue. These included higher costs in the business, as well as accounting adjustments and an impairment charge due to the reduction in future Pyrenees production volumes.
It helped that the business delivered record first-half production of 91.3 million barrels of oil equivalent.
Progress on various projects
Woodside has made good progress in a number of areas, which it was pleased to tell investors about. This can help the Woodside share price in the coming years as the developments come online.
The company's Scarborough development, off the Western Australian coast, is now 38% complete, with a number of site works progressing.
The ASX energy share has agreed to sell a 10% interest in its Scarborough joint venture to LNG Japan and established a "broader strategic relationship". This includes potential LNG offtake and "collaboration on global opportunities in new energy".
Woodside's Sangomar project in Senegal was 88% complete, with 12 of 23 wells now drilled and completed. The floating production storage and offloading topsides integration and pre-commissioning works were continuing.
The company has also approved a final investment decision on the Trion project off the Mexican coast and the Julimar-Brunello phase 3 project offshore from Western Australia.
Woodside share price snapshot
Over the last six months, Woodside shares have risen 2.5%, while the ASX 200 is essentially flat compared to half a year ago.
