Woodside Energy's profit for the first half of the year beats expectations due to higher oil prices

Woodside Energy announced a 7% increase?in its half-year profits?on Tuesday, driven by a surge in the price of oil due to the conflict in the Middle East as well as an increase in demand for their products.

Prices of oil?rose to multi-year-highs in April due to fears about supply disruptions in Middle East. They then?decreased from mid-June as tensions between Iran and the U.S.?briefly eased because of a temporary peace deal.

Woodside achieved an average realized price of $74 per barrel of oil-equivalent (boe) during the first half of the year. This compares to $61.7 boe for the previous corresponding period.

The 'Australian oil and Gas producer reported an underlying net income after tax of $1.33 billion in the six-month period?ended June 30. This is up from $1.25bn a year ago and slightly above Visible Alpha consensus estimate?of $1.32bn.

The oil major has also announced an interim dividend of 57 cents for each share, up from 53 cents last year.

(source: Reuters)