Woodside Energy abandoned a longer-term emissions target and $5 billion in planned clean-energy spending by 2030 after underlying net profit rose 7% to $1.33 billion in the six months ended June 30. CEO Liz Westcott said the company would focus on its core oil and gas business, review its Beaumont New Ammonia asset in Texas and consider all options, including seeking a buyer for the project it agreed to acquire for US$2.35 billion in August 2024. The review reflects changed international policy positions and weak demand for lower-carbon ammonia, which can be used in power generation and as a marine fuel. Woodside will retain its 2030 direct-emissions reduction commitment but cut its Scope 3 target, which covers emissions from the use of its products, and reduce costs by $350 million from 2028. Westcott said the company had failed to make clean-energy investments economic, citing the H2OK green hydrogen project in Oklahoma, which was scrapped in 2025, and said there was no line of sight to investing the $5 billion by 2030. The profit result narrowly exceeded the Visible Alpha consensus estimate of $1.32 billion. Woodside expects more trading gains after redirecting cargoes to better-priced markets during the Middle East crisis, while its average realised price rose to $74 per barrel of oil equivalent from $61.70 a year earlier. It declared an interim dividend of 57 cents per share, compared with 53 cents last year, maintained its 2026 production forecast at 174 million to 185 million barrels of oil equivalent and reaffirmed 2026 capital expenditure guidance of $4 billion to $4.5 billion. Shares fell 1% to A$33.45 by 0308 GMT, while the S&P/ASX 200 rose 3.57%.