Woodside Energy (ASX:WDS) sees 60pc production increase in June quarter

• Woodside Energy (WDS) experienced a 60 per cent increase in production to 33.8 million barrels of oil equivalent in the June quarter
• The oil and gas giant says this led to a 44 per cent jump in revenue to $3.4 billion compared to the first quarter of 2022
• During the quarter, the company completed the purchase of BHP’s oil and gas portfolio to create a global energy company
• Woodside has also scrapped its decision to sell a stake in the Sangomar oil project in Senegal
• WDS shares drops 3.99 per cent to $31.27 each as of 11:56 am AEST

Woodside Energy (WDS) saw a 60 per cent increase in production which led to an increase in revenue for the June quarter.

The oil and gas giant produced 33.8 million barrels of oil equivalent in the three-month period and revenue jumped 44 per cent to $3.4 billion compared to the first quarter of 2022.

Sale volumes for the second quarter were 35.8 million barrels of oil equivalent, a 51 per cent increase from the previous quarter.

During the quarter, the company completed the purchase of BHP’s oil and gas portfolio to create a global energy company which it describes as the “highlight” of the June quarter.

Woodside, the largest energy company listed on the ASX, acquired the entire share capital of BHP Petroleum (BHP) and issued approximately 914 million new Woodside shares to BHP.

The company also changed its name and ticker code from “Woodside Petroleum (WPL)”.

“The merger was overwhelmingly endorsed by Woodside’s shareholders at our annual general meeting in May, and they are now seeing first evidence of the increased financial and operational strength the transaction will deliver,” CEO Meg O’Neill said.

“The subsequent listings of Woodside shares on the New York and London stock exchanges were historic moments for the company, reflecting our more diverse shareholder base.”

Additionally, Woodside has scrapped its decision to sell a stake in the Sangomar oil project in Senegal after “extensive discussions” with potential new partners.

Sangomar is currently in construction, with the first stage development phase 63 per cent complete.

WDS shares dropped 3.99 per cent to $31.27 each just before midday trade AEST.