Woodside Energy's first-half profits declined due to lower LNG prices, despite recent acquisitions aimed at expanding its global LNG portfolio.
Woodside Energy reported a decline in its first-half profits on the back of lower prices for liquefied natural gas. The net result came in at $1.63 billion, which was 14% lower than the net result for the first half of 2023 The company also booked an operating cash flow of $2.39 billion and a free cash flow of $740 million for the period. The free cash flow figure represented a 136% increase in the year.
“Woodside expects to leverage its global LNG expertise to unlock this development and enable long-term cashflow generation.” Woodside announced the acquisition of troubled Tellurian in July, saying the $1.2-billion deal would help turn the Australian company into a global LNG powerhouse. Tellurian has been planning to build Driftwood LNG, a production and export terminal on the Calcasieu River south of Lake Charles, Louisiana for years.
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