Woodside H1 profit rises 7% on oil price boost, higher demand

Woodside Energy Ltd reported a 7% rise in profits for the first half of 2026, attributable to a surge in oil prices triggered by the U.S.-Iran conflict and robust local demand. The company's underlying profit soared 7% year-on-year to $1.33 billion, while revenue increased 14% to $7.45 billion. Despite a decline in production to 86.5 million barrels of oil equivalent (boe) from 99.2 million boe, strong oil prices helped offset the reduced output.

The average realized price for oil sales rose to $74 per boe, up from $61.7/boe a year earlier. The price increase was fueled by a sharp spike in oil prices due to supply disruptions from the U.S.-Iran war, which crippled shipping through the Strait of Hormuz, a crucial oil route. Woodside also announced an interim dividend of 57 cents per share, an increase from 53 cents per share in the previous year.