Woodside Petroleum Limited (ASX: WPL) shares are down 92 cents or 2.54% to $35.36 in early trade, despite reporting a 6% increase in half-year profit.
Woodside said the profit rise to $US541 million ($A747 million) comes on the back of higher oil prices and improved production volumes.
Australia’s largest listed oil and gas explorer lifted its revenue 27% to $US2.39 billion, helped by a ramp-up at its Wheatstone liquefied natural gas (LNG) project in Western Australia.
The company declared a fully-franked interim dividend of 53 US cents a share, up 4 cents from a year earlier.
The Woodside Petroleum Limited share price has gained 10.9% since the beginning of 2018, compared to the S&P/ASX 200 Index, which is up 3.87%.