Woodside Energy Profits Soar as Iran War Drives Up LNG Prices

Australia's largest oil and gas producer, Woodside Energy, has seen its revenue jump nearly 30% to $6 billion over the past three months.

The surge in demand for liquefied natural gas (LNG) due to the Iran war has driven up prices, benefiting Australian exporters like Woodside.

Woodside's CEO, Liz Westcott, said that despite modestly lower production volumes across the quarter, the LNG crunch had lifted sales revenue and driven up prices.

However, higher prices have also begun to erode demand, with some price-sensitive buyers in Asia switching back to dirtier sources of energy, such as coal-fired power stations.