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Australia’s biggest oil and gas company recorded a 27% increase in sales profit to $1.67bn in the six-month reporting period Follow our Australia news live blog for latest updates Get our breaking news email , free app or daily news podcast Woodside Energy has scrapped its long-term emissions and clean energy targets, even after enjoying a period of windfall oil profits caused by the Iran conflict. Australia’s biggest oil and gas company recorded a 27% increase in sales profit to $1.67bn ($A2.33bn) in the six-month reporting period, according to financials lodged on Tuesday, after the price of crude surged amid disruptions to global supplies. It expects more trading gains by redirecting barrels to markets paying premium prices for barrels of oil. At the same time, the Perth-headquartered company said it would drop its commitment to invest $US5bn ($A7bn) in new energy products, such as hydrogen, by 2030. The company said that its new energy business would be guided by “customer demand and commercial markets”.
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A recent run of deadly heatwaves in the northern hemisphere, made more likely and more severe by burning fossil fuels, has reignited calls for those same fossil fuel companies to shoulder the growing environmental costs of rising temperatures.
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