Woodside and BHP Proposed Merger

Woodside and BHP to create a global energy company

On 17 August 2021, Woodside announced it is pursuing a merger with BHP’s petroleum business to create a larger, more resilient Woodside with the financial strength to fund growth and thrive through the energy transition.

Video: Message from Woodside Chair and CEO

Supporting information for shareholder vote

The Woodside Board unanimously recommends that shareholders vote in favour of Woodside’s proposed merger with BHP Petroleum. We have released supporting information that demonstrates the strength of the proposed merger to support shareholder approval of the transaction.

News and announcements

Woodside and BHP sign binding Share Sale Agreement

Woodside and BHP Group have signed a binding share sale agreement for the merger of BHP’s oil and gas portfolio with Woodside. Woodside will acquire the entire share capital of BHP Petroleum International Pty Ltd in exchange for new Woodside shares.

Woodside CEO Meg O'Neill says "Woodside and BHP’s respective oil and gas portfolios and experienced teams are better together. The combination will deliver the increased scale, diversity and resilience to better navigate the energy transition."

Read the announcement

All-stock merger of Woodside and BHP’s petroleum business

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.


The merger will create a top 10 global LNG producer and transform Woodside by doubling production, diversifying the portfolio and offering multiple growth opportunities.

The merged business will have the balance sheet, cash flow and financial strength to fund planned developments in the near term and low carbon opportunities into the future.

The proposal represents long-term value for Woodside and BHP shareholders, delivering a geographically diverse and balanced portfolio, while combining the global experience, proven management and technical expertise of Woodside and BHP.

Woodside will continue to supply the energy the world needs while utilising its financial and technical capabilities to deliver on clear decarbonisation targets applied to the expanded portfolio.

Investor enquiries

61 8 9348 4421

Mailing Address:

Investor Relations
GPO Box D188
Perth WA 6000

  • 17 August 2021

    Merger Commitment Deed executed and announced

  • November 2021

    Execution of full form sale agreement and integration and transition services agreement

  • 19 May 2022

    Shareholder vote to approve transaction

  • Early June 2022

    Target completion date and issue of new Woodside shares to be distributed to BHP shareholders

The Woodside Board believes this will be positive for all our stakeholders, as it brings together our complementary assets and capabilities which will provide a strong base to deliver enduring shareholder returns, will enable us to invest in our existing and new assets, our people and our communities. Importantly, Woodside’s existing emissions reduction targets to reduce net emissions by 15% by 2025 and 30% by 2030, will be extended to the enlarged portfolio.

Richard Goyder, Woodside Chairman