Woodside Energy ( NYSE: WDS ) +2.8% in Monday's trading as it reported its FY 2022 profit more than tripled from a year earlier, helped by higher oil and natural gas prices and a major boost from the petroleum business bought from BHP, and saying it will review potential acquisitions in the Gulf of Mexico.
Australia's biggest oil and gas producer posted a record underlying net profit after tax of $5.23B for the year, far more than the year-earlier profit of $1.62B but slightly below the analyst consensus estimate of $5.54B.
The acquisition of BHP assets raised Woodside's ( WDS ) presence in the Gulf of Mexico, and the company "will continue to look for opportunities there," CEO Meg O'Neill told Bloomberg in an interview, as the location has "all the right ingredient for success."
Demand from China has not picked up after the country abandoned its COVID Zero policy, although it is expected to do so this year, which would help make up for reduced buying from European customers after a mild winter kept stocks of the fuel relatively high, the CEO said.
Woodside ( WDS ) reiterated its FY 2023 production guidance of 180M-190M boe/day, up from its 2022 output of 157.7M boe/day, which itself far exceeded the 91.1M boe/day achieved in 2021.
Woodside Energy ( WDS ) shares have gained 3.5% so far this year and 16% during the past 12 months .
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Woodside Energy's full-year profit surges; to seek Gulf of Mexico acquisitions