Key facts
- Woodside Energy abandoned its longer-term emissions target and $5 billion in planned clean energy spending by 2030.
- The company reported a 7% rise in first-half profit to $1.33 billion.
- CEO Liz Westcott cited a lack of customer support and economic viability for clean energy investments.
- Woodside will maintain its 2030 emissions reduction target but cut its Scope 3 target.
- The company declared an interim dividend of 57 cents per share.
Woodside Energy has abandoned its longer-term emissions target and $5 billion in planned clean energy spending by 2030, shifting focus to its core oil and gas business. The Australian company reported a 7% rise in first-half profit to $1.33 billion, exceeding estimates. CEO Liz Westcott cited a lack of customer support and economic viability for clean energy investments, including a green hydrogen project in Oklahoma. While the company will maintain its 2030 emissions reduction target, its Scope 3 target, covering emissions from product use, will be cut. Woodside's average realised oil price increased to $74 per barrel, contributing to the profit surge. The company declared an interim dividend of 57 cents per share, up from 53 cents last year. The decision follows a trend of major oil companies cutting renewable spending amid higher fossil fuel profits driven by geopolitical events.