Woodside Shares Rise on Improved Dividend Even as Profit Drops

Woodside Energy Group Ltd.’s shares advanced after Australia’s largest oil and gas company raised its dividend, despite a slump in profit.

The company’s stock rose more than 2% to its highest close in 18 months in Sydney trading. The energy firm will pay a final dividend of 59 US cents a share, up from 53 cents a year earlier, it said Tuesday after reporting a 24% drop in annual net income to $2.7 billion.