Woodside posts 7% profit rise, scraps clean energy targets

Woodside Energy Group reported a 7 percent increase in first-half profit on August 24, 2026, while simultaneously announcing a strategic pivot away from its clean energy investments to refocus on its core oil and gas business. The Australian energy giant abandoned its longer-term Scope 3 emissions target and a planned $5 billion in clean energy spending by 2030, citing a slower-than-expected energy transition and challenging market conditions for new-energy projects. The company's underlying net profit after tax for the six months ended June 30, 2026, rose to $1.33 billion, up from $1.24 billion in the same period last year.