(Corrects paragraph 5 to say the company reported results for the year ended Dec. 31, not half-year ended Dec. 31)
(Reuters) -Australia's Woodside Petroleum Ltd said on Thursday its annual profit more than tripled as the global economic recovery from the pandemic sparked a surge in prices of oil and gas.
Prices of liquefied natural gas climbed to record highs last year due to a supply crunch and cold weather in the Northern Hemisphere, while the easing of COVID-19 curbs globally lifted oil demand.
The company, which is gearing up to complete its merger with BHP Group's petroleum arm by early June 2022, has also started sharpening its focus on the shift towards a low-carbon economy and has set targets for net-zero emissions by 2050.
"Our focus is on hydrogen and ammonia, which produce lower greenhouse gas emissions at the point of use and will help our customers decarbonise ... also looking at lower-carbon services such as carbon capture and storage," Woodside Chief Executive Officer Meg O’Neill said.
The company posted an underlying net profit after tax, excluding one-time charges, of $1.62 billion for the year ended Dec. 31, compared with $447 million a year earlier. The figure beat an RBC estimate of $1.36 billion.
Woodside declared a final dividend of $1.05 per share, up from 12 cents a year earlier.