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Woodside profit dives, launches climate transition action plan

Falling commodity prices hit energy giant, but it has its eye to the future with a new strategy to remain profitable in a decarbonising world.

Woodside is attempting to move to renewable energy to power some of its assets.

Dan Purves Tue, 27 Feb 2024
Key points
  • Revenue: Down 17% to US$13.99b
  • Net profit: Down 74% to US$1.67b
  • Key takeaway: The oil and gas producer did better than the market thought, given contracting market conditions, with it putting into place an action plan to reduce its 72.8 million tonnes of CO2 by five million tonnes. 

Australia’s largest energy firm, the ASX-listed Woodside, achieved a record year for production but its profits were hit by markets coming down from an incredible high in 2022 – due to oil and gas prices spiking following Russia’s illegal invasion of Ukraine – and an impairment of the

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Dan Purves Tue, 27 Feb 2024
Contact the Writer: dpurves@nbr.co.nz
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Key points
  • Revenue: Down 17% to US$13.99b
  • Net profit: Down 74% to US$1.67b
  • Key takeaway: The oil and gas producer did better than the market thought, given contracting market conditions, with it putting into place an action plan to reduce its 72.8 million tonnes of CO2 by five million tonnes. 
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Woodside profit dives, launches climate transition action plan
Australia,
102936