Woodside Energy Rides Iran Conflict Wave with 30% Revenue Jump

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

The company's quarterly sales update shows that demand for super-chilled liquefied natural gas (LNG) has surged since Iran launched missile strikes on a key Qatari LNG hub and disrupted tanker movements through the Strait of Hormuz.

Asian countries, which usually rely on Qatari LNG to power their homes, factories, and electric grids, are desperate to find replacement cargoes to head off shortfalls, leading them to turn to Australian suppliers instead.

Woodside chief executive Liz Westcott said that the LNG crunch has driven up prices and lifted the company's sales revenue despite modestly lower production volumes across the quarter.