Australian oil and gas company Woodside Energy has reported a net profit after tax of $1.74bn (A$2.69bn) in the first six months of 2023, a 6% increase year-on-year.

Net profit after tax on an underlying basis during the period under review increased 4% to $1.89bn from $1.81bn in the same period in 2022.

Operating revenue during the January-June period surged by 27% to $7.4bn in comparison with $5.81bn YoY.

Meanwhile, Woodside reported a 66% jump in production to 91.3 million barrels of oil equivalent (mboe) against last year’s 54.9mboe.

The increase in sales and output was attributed to the company's larger size following the completion of the acquisition of BHP's petroleum business in the first half of 2022.

Following the deal, which was signed in November 2021, Woodside is said to have become one of the ten-largest independent oil and gas producers in the world.

Woodside’s directors announced an $0.80 per share interim dividend, which according to Woodside, amounted to a distribution of about 80% of the underlying net profit.

Woodside CEO Meg O’Neill said: “Our strong financial performance and our focus on disciplined capital management has enabled us to maintain our interim dividend payout ratio through the cycle.

“Woodside’s gearing remained low at 8.2% at the end of the first half. Our active management of the debt portfolio positions Woodside’s balance sheet well as we invest in future production.”

Woodside’s announcement comes as the company holds talks with employees at its LNG facility to avert a strike action, reported Reuters.