Merging Woodside with BHP’s oil and gas business delivers a stronger balance sheet, increased cash flow and enduring financial strength to fund planned developments in the near term and new energy sources into the future.
The proven capabilities of both Woodside and BHP will deliver long-term value through our geographically diverse and balanced portfolio of tier 1 operating assets and low-cost and low-carbon growth opportunities.
The proposed transaction enables more flexible capital allocation. We will continue reducing carbon emissions from the combined portfolio towards Woodside’s ambition to be net zero by 2050.
On completion of the Transaction, BHP Petroleum’s oil and gas business would merge with Woodside, and Woodside would issue new shares to be distributed to BHP shareholders. It is expected that the expanded Woodside will be owned 52 per cent by existing Woodside shareholders and 48 per cent by BHP shareholders.
On 22 November 2021, Woodside and BHP Group signed a binding share sale agreement for the merger of BHP’s oil and gas portfolio with Woodside. Completion is targeted for Q2 2022. Prior to completion, Woodside and BHP will carry on their respective businesses in the normal course and will put in place appropriate plans to enable a smooth transition of ownership. The Transaction remains subject to satisfaction of conditions precedent including shareholder, regulatory and other approvals.
