Woodside Petroleum left some investors confused today after they enacted a name and ticker change to Woodside Energy Group Ltd (WDS).
This was officially announced last Friday after shareholders’ approved Woodside’s proposed merger with BHP Group’s petroleum business. The new name reflects not just the pending merger with BHP’s petroleum assets, but also their plans for their business energy transition.
According to the company’s chair Richard Goyder, the name change was made “to better reflect our long-term strategic direction and anticipated portfolio evolution through the energy transition”.
The CEO Meg O’Neill was also very bullish on the merge, commenting, “The merger is an opportunity for Woodside to increase its contribution to the world’s growing energy needs and build the scale, resilience and diversity to thrive through the energy transition.”
The company currently has an operating cash flow of US$3.8 billion, a 105% increase from 2020 and they ended the year with more than US$6 billion of liquidity.
Commenting on the environmental proposition of the company, the CEO stated:
“We have near- and medium-term targets to reduce our net equity Scope 1 and Scope 2 greenhouse gas emissions by 15% by 2025 and 30% by 2030, in support of our aspiration of net zero emissions by 2050 or sooner. Our 2021 net equity Scope 1 and 2 greenhouse gas emissions were 10% below the 2016-2020 gross annual average and on course to achieve our 2025 target.”
Benefitting from the energy super-cycle, Woodside shares are up almost 28% year to date despite the market benchmark decreasing over 6% during the year.