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Date : 04/03/2023

Woodside Energy Group Ltd (ASX: WDS) Shares Surged After Announcing FY22 Results

Woodside Energy Group Ltd (ASX: WDS) is an Australian oil and gas company that explores, develops, produces, and sells energy resources such as oil, natural gas, and liquefied natural gas (LNG). The company was founded in 1954 and is headquartered in Perth, Western Australia.

Woodside (ASX WDS) operates several oil and gas fields off the coast of Western Australia, including the North West Shelf Project, the Pluto LNG Project, and the Browse LNG Project. The North West Shelf Project began production in 1984 and is one of the world’s largest liquefied natural gas (LNG) producers. In addition to its Australian operations, Woodside Energy Group has exploration and production activities in Canada, Senegal, and Myanmar. The company is also pursuing the development of renewable energy projects, including wind and solar power.

The Woodside Energy share price traded heavily and surged on the ASX after announcing strong FY22 results.

Woodside Energy Group: FY22 Results

Woodside shares are trading at $3.71. The current market cap of the company is 67.78 Billion AUD.

Woodside Energy Group Shares News

Here’s a comprehensive report on ASX WDS News & Performance:

  1. WDS announced operating revenue of $16,817 million, up 142% compared to FY21.
  2. The company reported an NPAT of $6,498 million, up 228% YoY.
  3. Its underlying NPAT is $5,230 million, up 223% YoY.
  4. The company’s operating cash flow is $8,811 million, up 132% YoY.
  5. Woodside Energy Group reported a free cash flow of $6,546 million in FY22.
  6. Its annual sales volume was 168.9 MMboe in FY22.
  7. At the end of FY22, Woodside announced cash on hand of $6,189 million.
  8. WDS announced a fully-franked final dividend of US 144 cents per share, bringing the full-year dividend to US 253 cents per share.

Woodside News: What Occurred In Fiscal Year 2022?

Woodside’s annual sales reached a new high of US$16,817 million for the fiscal year ending 31 December, up 142% year over year. Due to the combination of the BHP Group Ltd (ASX: BHP) petroleum merger’s greater volume, better-realised prices, and the contribution of the Pluto-KGP Interconnector, operational dependability, realised prices and realised volume all rose.

Woodside Energy Group (ASX: WDS) saw a rise in EBITDA of 172%, increasing to US$11,234 million and net profit after taxes rising to US$5,230 million. Concerning the former, this performance exceeds Morgans’ forecast of US$10,990 million in underlying EBITDA for the year. It might explain why the Woodside Energy share price is trading higher today.

The company’s board of directors boosted its annual dividend by 37%, to US$2.53 per Woodside share, thanks to its robust earnings growth over the year. The company’s final dividend is US$1.44 per Woodside stock. The total amount dispersed was US$4,804 million, an increase of 87% over the previous year.

ASX Woodside Dividend

In a historic move, the board of directors of Woodside decided to boost the company’s fully franked final dividend by 37% to an all-time high of US$1.44 per ASX Woodside share.

The full-year dividend from Woodside Energy Group amounted to a record $2.53 per share, with the addition of the interim dividend of $1.09. A total of US$4,804 million was given out, an increase of 87% over the previous year.

In Australian dollars, the annual dividend for Woodside is $3.75 per share, and the final dividend is $2.14 per share. At the current Woodside Energy share price, it would yield 10.8%.

Fortunately, it is still possible to cash in on this last payout. The ex-dividend date for Woodside shares is 8 March. Investors that qualify will then get the WDS dividend on 5 April.

Remarks from Management

CEO Meg O’Neill of Woodside Energy Group was delighted with the company’s FY 2022 results. She said “Woodside is a more prominent, regionally varied energy firm with the financial and operational capabilities to develop our portfolio of high-quality assets and produce shareholder returns. In a watershed year for Woodside, we realised the savings objective of $400 million in synergies early because of the efforts we put in place.”

Outstanding performance at our LNG assets supported Woodside’s record production, with a yearly dependability of 98.5%. The Pluto-KGP Interconnector handled 9.4 million barrels of oil equivalent, which led to the delivery of 13 more Pluto LNG cargoes and an increase in revenue of $1.2 billion.

Growing output and sales were driven by a broader product offering and higher worldwide pricing, contributing to a larger after-tax profit for our company. Our realised price in 2022 increased by 63% annually, reaching $98.1 per BOE.

Outlook

Regarding 2023, the CEO said the company aims to explore new opportunities like Trion offshore Mexico. They are assessing bids for main work scopes, finalising execution plans, and refining cost estimates to enable final investment decision (FID) preparation this year. Their 2023 H2OK project in Oklahoma is likewise FID-ready. Woodside’s $5 billion investment in innovative energy products and lower-carbon services by 2030 would begin with H2OK.

Forecasts for FY 2023 production are between 180 and 190 MMboe, with CAPEX in the $6 to $6.5 bn range.

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