Woodside's Profits Soar on War-Fueled Oil Crisis

Woodside's profits have skyrocketed by 27% to $US1.67 billion in the first half of the year, driven by the global oil crisis fueled by the US war with Iran in the Middle East.

The Perth-headquartered energy giant reported a net profit surge despite production slipping 13% to 86.5 million barrels of oil equivalent.

CEO Liz Westcott attributed the company's resilient performance to maintaining operational excellence at its assets, achieving high reliability rates, and completing key infrastructure projects on time.

The Scarborough energy project is now 98% complete and remains on track to deliver first LNG cargo in the fourth quarter of 2026, with Woodside aiming to strip $US350 million of cost savings from the business by 2028.