Woodside scraps long-term emissions and clean energy targets despite windfall oil profits caused by Iran war

Woodside Energy has abandoned its long-term emissions and clean energy targets. The company reported a 27% increase in sales profit to $1.67bn in the six-month reporting period. This surge in profit was driven by higher oil prices, which rose amid disruptions to global supplies.

The company's operating revenue increased by 13% to $7,446 million, and its underlying profit rose by 7%. The average realized oil price climbed to $74 per barrel of oil equivalent from $61.7 a year earlier. According to Investing.com, Woodside's earnings per share reached $0.873, beating analyst estimates.

The company has also announced a cost savings program targeting $350 million in annual savings from 2028. Additionally, the Scarborough Energy Project, a key long-term growth driver, is 98% complete and on track to deliver its first LNG cargo in the fourth quarter of this year.

Brief written by urgent.news from The Guardian Australia, Investing.com — 2 reports on this story. Machine-written — may contain errors; check the original before relying on it.