Woodside Petroleum and BHP Group have agreed the merger of BHP’s oil and gas portfolio with Woodside.
Woodside will acquire the entire share capital of BHP Petroleum International in exchange for new Woodside shares.
On completion, the merger will create a global top 10 independent energy company by production and one the largest energy companies listed on the ASX.
Woodside CEO, Meg O’Neill, said the merger would deliver enduring value for Woodside shareholders and BHP shareholders that receive Woodside shares under the merger.
She said: “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.
“We will have the balance sheet, cash flow and financial strength to help fund planned developments in the near-term, invest in future energy opportunities and return value to our shareholders through the cycle.
“Our emissions reduction targets will apply to the combined portfolio, supporting our aspiration to be net zero by 2050 and our strategy to supply lower-carbon energy to our customers across the globe.”
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