Woodside Energy has dropped its long-term emissions and clean energy targets even after posting a 27% rise in sales profit to $1.67bn, boosted by higher crude prices linked to the Iran conflict.
Key facts
- Woodside Energy has scrapped its long-term emissions and clean energy targets.
- Sales profit rose 27% to $1.67bn ($A2.33bn) in the six-month reporting period.
- The profit rise followed a surge in crude prices caused by the Iran conflict.
- Financials were lodged on Tuesday, according to the Guardian.
- Woodside is Australia's biggest oil and gas company.
Woodside Energy, Australia’s biggest oil and gas company, has scrapped its long-term emissions and clean energy targets, according to the Guardian. The decision comes despite the company enjoying a period of windfall oil profits tied to the Iran conflict.
The company recorded a 27% increase in sales profit to $1.67bn ($A2.33bn) in the six-month reporting period, according to financials lodged on Tuesday. The Guardian reported that the increase followed a surge in crude prices amid disruptions to global supplies.
The move to drop the targets marks a shift in the company’s publicly stated climate ambitions, coming at a time when its core oil and gas business benefited from elevated prices during the conflict.
The Guardian reported the financial results were lodged on Tuesday, detailing the profit growth over the half-year reporting period.
As Australia’s largest oil and gas producer, Woodside’s decisions on emissions carry significant weight for the country’s broader energy and climate landscape.
Why it matters
Woodside is Australia's biggest oil and gas company, so its decision to abandon long-term emissions and clean energy targets signals a notable retreat from climate commitments. That the reversal comes during a period of windfall profits raises questions about how major energy firms balance shareholder returns against environmental goals.
Frequently asked questions
How much did Woodside's profit rise?
According to the Guardian, Woodside recorded a 27% increase in sales profit to $1.67bn ($A2.33bn) in the six-month reporting period.
Why did Woodside's profits increase?
The Guardian reported the rise followed a surge in the price of crude amid disruptions to global supplies caused by the Iran conflict.
What targets did Woodside scrap?
Woodside scrapped its long-term emissions and clean energy targets, according to the Guardian.