The Perth-based oil and gas giant on Tuesday reported a full-year net profit of $US1.66 billion, down 74 per cent, and slashed the dividend as energy prices returned to normal levels.
The underlying profit was $US3.32 billion for 2023, down 37 per cent, as lower prices were partly offset by higher sales volumes and record production.
CEO Meg O'Neill says Woodside will 'thrive through the energy transition' as demand for LNG grows. (Aaron Bunch/AAP PHOTOS)
Woodside CEO Meg O'Neill said Woodside was supplying energy the world needs from a high-quality portfolio in the right locations.
She said Woodside would "thrive through the energy transition" with global demand for LNG forecast to grow by 53 per cent in the next decade on demand from Asia and Europe.
The 2023 result was built on record annual production of 187.2 million barrels of oil equivalent in the first full-year of operations since acquiring BHP's oil business.
In addition to a target of $US5 billion by 2030 for emission reduction, Woodside announced a new abatement target of five million tonnes per annum this decade from new energy products including hydrogen and carbon technology.
Ms O'Neill said the new target would also allow the company to track the potential impact of those new investments on customers' emissions.
The massive Scarborough LNG project in the Carnarvon Basin off the Pilbara coast of Western Australia is 55 per cent complete and Woodside welcomed government plans to reform offshore approvals.
Last week, Woodside sold a 15.1 per cent stake in the project in a $US1.4 billion deal with Japan's largest utility JERA, that locks in further decades of gas sales to one of Australia's significant energy customers.Â
A 10 per cent share in Scarborough was sold to LNG Japan in 2023, and Woodside said the transactions "demonstrate the ongoing demand for new gas supplies to support regional security".
Merger talks collapsed earlier this month with gas producer Santos on an $80 billion merger of Australia's top two fossil fuel companies, and Ms O'Neill said there were no further talks.
Quizzed by analysts about other acquisition plans elsewhere, Ms O'Neill said "we're pleased with the portfolio as it stands today."
A year ago, Woodside tripled its annual profit after acquiring BHP's petroleum assets and benefiting from soaring energy prices sparked by Russia's invasion of Ukraine.
The 2023 results included impairments of $US1.53 billion or $US1.92 billion pre-tax, largely for the Shenzi asset acquired from BHP.
Woodside shares rose 24 cents or 0.8 per cent to $30.24 in morning trade.
The company declared a sharply lower fully franked final dividend of US 60 cents, for a total of $US1.40 for the year - down almost half on a year earlier.
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