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Woodside Completes Merger With BHP Petroleum

Jun 1, 2022

Woodside Energy Group Ltd (Woodside) and BHP Group Limited (BHP) have completed the merger of Woodside with BHP’s oil and gas portfolio to create a global energy company.

Woodside has acquired the entire share capital of BHP Petroleum International Pty Ltd (BHPP) and issued 914,768,948 new Woodside shares to BHP, which BHP will distribute to its eligible shareholders.

Woodside will receive net cash of approximately US$1 billion, which includes the cash remaining in the BHPP bank accounts immediately prior to completion. This reflects $1.8 billion of net cash flows generated by BHPP between the effective date of 1 July 2021 and completion, less $0.8 billion representing BHP’s entitlement to cash dividends paid by Woodside over the same period.

All completion payment entitlements are subject to a customary post-completion review which may result in an adjustment.

The new Woodside shares are expected to commence trading on the Australian Securities Exchange (ASX) on 2 June 2022. Trading of Woodside American Depositary Shares on the New York Stock Exchange is expected to commence on 2 June 2022. Trading of Woodside shares on the Main Market for listed securities of the London Stock Exchange is expected to commence on 6 June 2022.

As a result of the merger, Woodside is a top 10 global independent energy company by hydrocarbon production and the largest energy company listed on the ASX.1 The larger, more diversified portfolio is expected to deliver significant cash flow to help fund committed projects, Woodside’s participation in the energy transition and shareholder returns.

Woodside has commenced activities to integrate the two organisations, including standardisation of reporting across all jurisdictions. The updated production guidance, reserves position and other related information will be released in due course. 1 Woodside analysis of independent energy companies excludes government-backed national oil companies, companies with free float less than 60%, major integrated oil and gas companies and Canadian oil sands companies.