News: BHP UPDATE 1-Australia's Woodside Energy first-half profit up, but misses estimates

(Updates with details and background in paragraphs 2, 4 to 6)

Aug 22 (Reuters) - Australia's Woodside Energy Group Ltd (WDS) on Tuesday reported a 4.2% jump in first-half profit, underpinned by upbeat production levels and full contribution from BHP Group's petroleum assets.

The company became a top-10 global independent oil and gas producer after its merger with BHP's petroleum arm was finalised in 2022.

Oil and natural gas prices, which soared to record highs last year in the wake of the Russia-Ukraine war, lost momentum in the first half but remained above the long-term average price levels.

The country's top independent gas producer said underlying net profit after tax was $1.90 billion for the six months ended June 30, missing a Visible Alpha consensus estimate of $2.02 billion.

Woodside reported underlying net profit after tax of $1.82 billion a year earlier.

It announced an interim dividend of 80 cents per share, falling short of consensus estimates of 86 cents per share.

"Our strong financial performance and focus on disciplined capital management has enabled us to maintain our interim dividend payout ratio through the cycle", said Chief Executive Meg O'Neill.

The results come at a time when Woodside and Chevron CVX.N are locked in a dispute over pay and job security with about 700 workers at four facilities in Australia. These plants produce more than a tenth of the world's liquefied natural gas.