Woodside completes oil and gas merger with BHP

Australia

PERTH, June 3, 2022 – Woodside Energy Group has finalised its merger with fellow Australian independent BHP Group’s oil and gas vertical to create a global top-ten independent E&P contender, the Perth-headquartered E&P company announced on Wednesday.

Under the agreement, Woodside Energy acquired the entire share capital of BHP Petroleum International and released around 915 million shares to BHP Group.

The deal will see around USD 1 billion in cash given to Woodside Energy, including the funds remaining in BHP Petroleum International’s bank accounts.

All payments are subject to post-completion review.

Shares of the company began trading on the New York stock exchange on June 2, 2022. Shares are expected to be traded on the London stock exchange on June 6, 2022.

BHP Group announced it was exiting the petroleum industry in August 2021.