Woodside Energy H1 interim profits slide

Exploration and production firm Woodside Energy shares advanced on Tuesday despite posting a decline in interim profits as a result of lower prices for liquefied gas.

Woodside said underlying net profits after tax had fallen 14% year-on-year to $1.63bn, while operating revenues and net cash from operating activities both dropped 19% to $5.98m and $2.39m, respectively.

Interim dividends fell 14% to $0.69 per share but free cash flow, on the other hand, surged 136% to $740.0m

The London-listed group stated it had delivered first-half production of 89.0m barrels of oil equivalent or 491,000 barrels per day.

As of 0935 BST, Woodside Energy shares were up 3.49% at 1,380.58p.

Reporting by Iain Gilbert at Sharecast.com