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Woodside Energy Group Ltd on Tuesday reported a strong first half-year performance after its merger with BHP Group Ltd.
In the first half of 2022, the Perth, Australia-based oil and gas firm said operating revenue more than doubled year-on-year to $5.81 billion from $2.50 billion, as the result of higher production and higher realised prices.
Pretax profit surged to $2.98 billion from $621 million, with diluted earnings per share of 144 cents compared to 33 cents.
It delivered total production of 54.9 million barrels of oil equivalent which rose 19% year-on-year. This included 9.7 million boe from former BHP Group Ltd petroleum assets in June, with the figure also benefitting from ‘improved reliability’ at the firm's liquified natural gas facilities.
Woodside said it delivered synergies of around $100 million from the BHP merger, with over $300 million in further synergies on its radar.
The merger with the assets of BHP turned Woodside into one of the 10 largest independent energy producers in the world, with its shares now 48% held by BHP shareholders, and 52% held by Woodside - formerly known as Woodside Petroleum.
It proposed an interim dividend of 109 cents for the first half, rising substantially from 30 cents for the first half of 2021.
Looking ahead, it noted a positive outlook for LNG as Europe searches for a replacement to Russian gas, and Asian demand for LNG is not expected to peak before the mid-2040s.
Shares in Woodside closed up 1.5% to A$35.87 each in Sydney on Tuesday, and were 2.8% higher at 2,160.00 pence each in London on Tuesday morning.
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