Oil and Gas News

Woodside records “most remarkable month” in company history

Woodside HQ

Woodside’s core profit for the full year more than trebled its 2020 profits, with net profit for 2021 rebounded to US$1.98 billion (AU$2.75 billion) from its losses the previous year. 

In its 2021 full-year results, chief executive Meg O’Neill described 2021 as a “transformative” year, in which the foundations were laid for the company’s future. 

“Woodside ended 2021 in a strong financial position,” O’Neill said. 

“Our higher underlying full-year profit of $1,620 million and free cash flow of $851 million reflected our consistent operational performance, the improved price environment for our products and the proactive decisions made to manage our sales portfolio.” 

November 2021, the company reports, could be recorded as “the most remarkable month in Woodside’s 67-year history” with the agreement to merge with BHP’s petroleum business and with the final investment decisions made on the $16.5 billion Scarborough and Pluto Train 2 projects. 

Woodside could take back the ranking as Australia’s biggest oil and gas producer from Santos if the BHP deal proceeds.

“Our agreement to merge with BHP’s petroleum business is expected to create a global energy company which would have the cash generation and balance sheet strength to deliver shareholder returns through economic cycles, opportunities to realise ongoing synergies and greater capacity to participate in the energy transition,” O’Neill said. 

The merger is due to be completed in early June, subject to a shareholder vote on May 19. 

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