Woodside Energy Group Ltd (WDS) saw its shares soar 6.74% in the pre-market trading session on Tuesday, following the release of its strong 2024 earnings report. The company reported record annual production of 194 million barrels of oil equivalent, reaching the top end of its full-year guidance range.

The energy giant's financial performance was equally impressive, with a significant net profit after tax of $3.6 billion, marking a substantial increase from the previous year. The underlying net profit after tax stood at $2.9 billion, while earnings per share reached $1.89, up from $0.88 a year earlier.

Contributing to the strong performance, Woodside Energy Group reduced its unit production cost to $8.10 per barrel of oil equivalent and achieved an impressive EBITDA margin of 70%. The company also declared a fully franked total full-year dividend of $1.22 per share, at the top of its payout range.