Woodside's underlying profit spikes in 2021
Australian gas producer Woodside said on February 17 that its underlying net profit in 2021 more than tripled thanks to a surge in oil and gas prices.
The underlying profit, which excluded one-off items, came in at $1.62bn in the 12 months to December 31, up 262% year/year. Woodside booked a net profit of $1.98bn, up 149% yr/yr.
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Woodside’s average realised LNG price last year was $58/boe, up 86% yr/yr. The realised oil price was $79/boe, up 78% yr/yr, the company said.
The Perth-based company expects 2022 production to be 71 to 74mn boe. Its output was 70.8mn boe in 2021.
Woodside CEO Meg O’Neill said the company last year made progress with its proposed hydrogen projects H2Perth, H2TAS and H2OK, and launched studies of large-scale solar energy and carbon capture and storage in Western Australia.
“These proposals are initial steps in our strategy to position Woodside as an early mover in the sector through our targeted $5bn investment in new energy products and lower-carbon services by 2030,” she said.