Why is Woodside Energy stock rising today?

Woodside Energy's stock climbed 2.0% to AUD 34.14 on Tuesday due to impressive half-year earnings driven by high oil prices. The company reported a 13% increase in operating revenue, reaching US$7,446 million, and a 7% boost in underlying profit. This growth was fueled by a rise in average oil prices to US$74 per barrel of oil equivalent, up from US$61.7 a year ago.

Earnings per share climbed to US$0.873, surpassing analysts' expectations of US$0.78, while the board announced a substantial interim dividend of 57 US cents per share, a significant rise that underscored the company's dedication to shareholder returns. Management also unveiled a structured cost savings initiative aiming for US$350 million in annual reductions from 2028, highlighting a stronger emphasis on operational efficiency.

The Scarborough Energy Project, a vital long-term growth project, was confirmed at 98% completion and set to begin LNG deliveries in the fourth quarter of the year. This positive news came as the broader Australian market showed resilience, with the ASX 200 increasing by 0.7%.