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. This result was supported by higher commodity prices, with the company's average realized price increasing to $74 per barrel of oil equivalent, up from $61.70 a year earlier. The board declared an interim dividend of 57 cents per share, compared to 53 cents last year.

CEO Liz Westcott, delivering her first results presentation since taking the role, said the company had delivered strong production, cash flow, and shareholder returns. She explained that markets for hydrogen, ammonia, and carbon capture and storage have developed more slowly than anticipated....