Woodside Energy set to log strong first-half profit

Positive projections: A Woodside exhibition booth at a conference in Daegu, South Korea. The Australia oil and gas giant is to benefit from resilient LNG spot market prices and upbeat production levels. — Reuters

SYDNEY: Woodside Energy, Australia’s No1 independent oil and gas producer, is likely to post a strong first-half profit growth, underpinned by resilient liquefied natural gas (LNG) spot market prices and upbeat production levels.

Oil and natural gas prices, which rose to record highs last year in the wake of the Russia-Ukraine war, slipped in the first half but stayed above long-term average levels despite a slower-than-expected recovery in key consumer China weighing on demand.