Woodside Energy, a prominent Australian fossil fuel company, has announced a remarkable surge in its profits for the year 2024, with net profits after tax soaring to $US3.57 billion (approximately $5.6 billion), more than doubling from the previous year. This increase is attributed to operational efficiencies, despite a 6% decline in operating revenue, which fell to $US13.18 billion ($20.74 billion) primarily due to decreased oil and gas prices.
In terms of production, Woodside achieved a record output of 13.9 million barrels of oil equivalent during the year, showcasing its operational excellence and effective project execution. Chief Executive Meg O’Neill highlighted the successful investment strategies that not only provide immediate returns to shareholders but also set the stage for future growth.
Among Woodside’s notable projects is the Scarborough gas development off Western Australia’s Pilbara region, now over three-quarters complete. This project is poised to be Australia’s largest gas or oil initiative in a decade, although it has faced significant opposition from environmental groups due to its projected emissions of 1.37 billion tonnes of carbon dioxide equivalent over its operational life.
Additionally, the North West Shelf project extension, which promises to prolong the Karratha gas project’s lifespan by 50 years, has received approval from Western Australia’s Environment Minister, despite facing a record-high number of appeals against it.
O’Neill underscored Woodside’s commitment to reducing emissions, asserting that the company remains on track to meet its targets for 2025 and 2030. In her remarks, she affirmed the importance of maintaining a balance between climate ambitions and sound financial strategies, reflecting Woodside’s dedication to sustainability alongside profitability.