Woodside Energy (ASX: $WDS) Achieves Record Production and Strong Dividends

Woodside Energy Group Ltd (ASX: $WDS) has achieved record production of 187.2 MMboe (513 Mboe/d) and excellent operated LNG reliability of 98%. The full-year net profit after tax (NPAT) was $1,660 million, and underlying NPAT was $3,320 million when adjusted for exceptional items. The Directors have determined a final dividend of US 60 cents per share (cps), bringing the full-year dividend to US 140 cps. The dividend is fully franked, and the value of the total full-year dividend is $2,658 million.

Woodside CEO Meg O'Neill on 2023 Results and Strategy

Woodside CEO Meg O'Neill expressed pride in the company's ability to continue returning strong dividends to shareholders while delivering on the strategy to thrive through the energy transition. O'Neill highlighted Woodside's focus on disciplined capital management, which has allowed the company to deliver consistently strong returns to shareholders. She emphasized that despite realized prices being down year-on-year, Woodside achieved a reduction in net equity Scope 1 and 2 emissions of 12.5% below the starting base, against the target of 15% by 2025. O'Neill also mentioned the company's debt-free merger with BHP Petroleum, which added cash generating assets and strengthened Woodside's balance sheet, providing capacity for future capital investments and ongoing returns.

Outlook and Future Plans

Woodside Energy's 2023 results were built on record annual production and strong financial performance. The company remains committed to delivering first oil from Sangomar and progressing the Scarborough Energy Project and Trion development. Woodside's safety performance in 2023 was below the standard set by the company, and it is imperative for Woodside to improve in 2024. The company also announced a new target to take FID on new energy products and lower carbon services with total greenhouse gas emissions abatement capacity of 5 million tonnes per annum by 2030. Woodside continues to be disciplined and value-focused in pursuing new energy opportunities, including evaluating the proposed US Federal tax incentive criteria and commencing concept select for Angel carbon capture and storage. Woodside looks forward to celebrating 40 years of safe, reliable domestic gas supply to Western Australia and 35 years of LNG supply to customers overseas in 2024.