Woodside (ASX:WPL) records US$4.067 billion profit loss

Company News

by Kathy Skantzos

Woodside Petroleum (ASX:WPL) has reported a US$4.067 billion (A$5.7 billion) loss of 28 per cent in first-half profit due to a drop in oil and gas prices in the height of the Covid-19 pandemic.

Underlying profit of $303 million for the six months to 30 June was down from $419 million a year earlier.

Woodside announced an interim dividend of US26 cents per share, less than its payout last year.

“I would rate the external conditions created this year by the COVID-19 pandemic and oversupply in global oil and gas markets as the most difficult I’ve seen in nearly four decades in the industry,” Woodside CEO Peter Coleman said.

Shares in Woodside Petroleum (ASX:WPL) are trading 0.19 per cent lower at $20.55.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.