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BHP (ASX:BHP) and Woodside (ASX:WPL) confirm oil and gas asset sale talks

ASX 200
ASX:BHP      MCAP $220.0B
16 August 2021 10:30 (AEST)
Woodside (ASX:WPL) - Acting CEO, Meg O'Neill

Source: Woodside

BHP (BHP) and Woodside (WPL) have both confirmed they are in negotiations for the transfer of BHP’s oil and gas assets in exchange for WPL shares.

BHP announced to the news to the market this morning, advising that it had initiated a strategic review of its petroleum business and that a number of options were being evaluated.

“One option is a potential merger of the Petroleum business with Woodside Petroleum Ltd (Woodside) and a distribution of Woodside shares to BHP shareholders,” the statement read.

“While discussions between the parties are currently progressing, no agreement has been reached on any such transaction.”

Woodside echoed BHP’s statement to the market shortly after, reiterating that discussions were ongoing.

“Woodside notes recent speculation regarding a potential transaction between Woodside and BHP Petroleum,” a statement read.

Both companies advised they would update the market as and when appropriate.

BHP shares were up 1.42 per cent to trade at $53.56, while Woodside shares were down 3.79 per cent, trading at $21.35 at 12:22 pm AEST.

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