1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
Preparing video
Key points:
Strong first-half reliability and net profit support a near top-of-range dividendScarborough and Pluto expected to drive material LNG cash flow from 2027Cost-out and portfolio simplification aimed at enhancing resilience and shareholder returns
Woodside Energy CEO Liz Westcott outlines a first half she characterises as defined by operational excellence, disciplined execution and strong shareholder returns. She points to reliability of 99% at the Sangomar oil assets and 98% at the LNG train, supporting net profit after tax of US$1.3 billion despite a major turnaround at Pluto LNG (ASX:WDS). This performance, in her view, underpins a US$0.57 per share dividend, near the top of Woodside’s range and contributing to more than US$12 billion returned to shareholders since 2022.
Westcott states that Scarborough is set to transition from capital outflow to material cash inflow as LNG production ramps up, with around two cargoes per week expected at steady state from 2027. She highlights stronger-than-expected global LNG pricing, particularly after Middle East disruptions, and argues Woodside’s reliability allows it to capture favourable contract pricing that should support second-half revenue.
The company, according to Westcott, is targeting annual capex cuts of US$350 million through simplification and efficiency gains across its 11 global offices, while progressing projects in Mexico and Louisiana. She notes the Louisiana development is 28% complete and on time, with first LNG targeted in 2029, while Browse remains an early-stage concept-select opportunity routed through existing Karratha infrastructure.
