Australian energy giant Woodside’s full-year profits have more than doubled to $US3.57 billion ($5.6 billion) in 2024 while oil production reached a record high, the company has reported to the ASX today.
The fossil fuel giant recorded a 115 per cent increase in net profit after tax (NPAT) last year though its operating revenue decreased from the previous year by 6 per cent to $US13.18 billion ($20.74 billion), largely due to lower oil and gas prices.
Woodside produced a record 13.9 million barrels of oil equivalent for the year.
“Our proven track record of operational excellence, disciplined investment decisions and world-class project execution is delivering near-term rewards for our shareholders while laying the foundations for a new chapter of value creation,” Woodside chief executive Meg O’Neill said.
The company’s Scarborough gas project, off the coast of Western Australia’s Pilbara region, which is more than three-quarters complete, is Australia’s largest new oil or gas project in a decade.
Estimated to emit 1.37 billion tonnes of carbon dioxide equivalent over its lifetime, it has been staunchly opposed by environmental and conservation groups.
The company’s North West Shelf project extension, which would extend the life of the Karratha gas project for 50 years, was also given the green light late last year by WA Environment Minister Reece Whitby, despite a record 770 appeals.
But O’Neill said Woodside remains on track to meet its 2025 and 2030 emissions targets.
“As reported in the 2024 climate update released today, we have continued to deliver on our commitments as we pursue a climate strategy for all our shareholders and which balances ambition with financial discipline and achievability,” she said.
