Woodside Energy clocks 24% profit slide in H1 on weak oil prices

Investing.com-- Australia’s Woodside Energy Ltd (ASX:WDS) clocked a sharp drop in its first-half profit on Tuesday, as it grappled with lower realized oil prices and depreciation costs in a Senegal project.

Woodside’s underlying net profit after tax for the first six months of 2025 fell 24% to $1.25 billion, in line with market estimates.

The company saw a lower realized price on oil in the first half, especially as spot oil prices tumbled on concerns over higher OPEC+ production, weaker demand, and uncertainty over U.S. trade tariffs. Woodside (OTC:WOPEY) realized an average price of $61.8 per barrel, down from $62.6 per barrel a year ago.

Woodside’s margins were also pressured by depreciation and amortization costs at its Sangomar project in Senegal, which amounted to $773 million.

Still, Woodside’s operating revenue rose 10% to $6.59 billion, with the Sangomar project adding nearly $1 billion to revenue.

The company declared an interim dividend of 53 cents per share, lower than the 69 cents from a year ago.

Woodside signaled that it was continuing to seek sell-downs of its $17.5 billion LNG project in Louisiana, and that it had received “strong interest from high-quality potential partners” for the project.

The company in June said U.S. investment house Stonepeak will invest $5.7 billion in Louisiana LNG.

Woodside’s shares fell 1.6% in Sydney trade, while the broader ASX 200 index shed 0.7%.