For the six months to June, net profit jumped to a record $1.1bn (Â£660m) from $873m one year ago.
Revenue rose by 24% to a record $3.5bn, due to higher sales volumes.
The company also benefitted from a new pricing regime at its Pluto LNG project off the Western Australian coast.
The price for LNG from Woodside's Pluto facility increased by 36%, and this rise was reflected in its customer contracts during the six months to June.
Woodside - Australia's biggest oil and gas producer - operates six out of the seven LNG "processing trains"- also known as purification facilities, that are available in Australia.
In a statement released with the earnings, chief executive Peter Coleman said: "Our record production is a testament to our assets' ongoing reliability.
Our half-year profit was up 27 per cent on the same period as last year, reflecting our record production, higher realised prices and increased sales volumes."
The company did not offer any guidance for the rest of the year. But it did reaffirm its recently raised production target of 89 to 94 million barrels of oil equivalent (mmboe).
Mr Coleman said the firm's international exploration strategy was also taking shape, with new acreage in Myanmar as well as entries into Morocco, Tanzania and Gabon.
Woodside's international portfolio includes interests in Ireland, New Zealand, Canada and Timor-Leste.

The Reverend Gavin Ashenden, a senior clergyman in the Church of England, left his position as chaplain in order to be free to criticise the move.
A passage from the Koran was read during an Epiphany service at St Mary's Cathedral in Glasgow earlier this month.
Mr Ashenden said the reading had caused "serious offence".
The cathedral has said it is standing by its decision.
St Mary's invited local Muslims, who also revere Jesus as a prophet, to join the service.
A student, Madinah Javed, read from the lectern in Arabic from the chapter of Maryam, or Mary.
The chapter tells the story of the birth of Christ to the virgin Mary, and includes the Islamic teaching that Jesus is not the son of God and should not be worshipped.
Mr Ashenden told BBC Radio 4's Sunday programme: "The problem with what happened in Glasgow was that, although it was presented as a way of building bridges and a way of educating people, it was done badly, in the wrong way, in the wrong place, in the wrong context.
"There are a number of members of the congregation who have written open letters complaining of the profound upset they experienced as people who are part of the Eucharistic community who had come to worship Christ."
The cathedral's provost, the Very Rev Kelvin Holdsworth, has said readings of the Koran in the cathedral were part of efforts to build relationships between Christians and Muslims in Glasgow.
He said: "Such readings have happened a number of times in the past in this and in other churches and have led to deepening friendships locally, to greater awareness of the things we hold in common and to dialogue about the ways in which we differ."
Asked if he had known what the Koran verse specifically said about Jesus, Mr Holdsworth declined to comment further.

The 48-year-old former Arsenal goalkeeper played for the Royals for four years.
He was appointed youth academy director in 2000 and has been director of football since 2003.
A West Brom statement said: "He played a key role in the Championship club twice winning promotion to the Premier League in 2006 and 2012."
Australia's Woodside Petroleum has seen a 27% jump in first half profit, mainly driven by higher prices for its key product - liquefied natural gas (LNG).
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One of the Queen's chaplains has resigned after a row about reading from the Koran in a Glasgow church.
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