Jungle Drums Beating on WDS, page-115

WDS now has 1,879 M shares on issue following the BHP Petroleum merger.

For the six months to 30 June 2002:

From a cash prospective, WDS has received the net cash from both WPL and BHPP with the net cash from BHPP for the 5 months to 31 May been received in the net cash adjustment:

"Woodside and BHP Petroleum merger • The merger of Woodside and BHP’s petroleum business completed on 1 June 2022 following Woodside shareholder approval on 19 May 2022. • On completion, Woodside: o acquired the entire share capital of BHP Petroleum International Pty Ltd and issued 914,768,948 new Woodside shares to BHP o received net cash of approximately $1.1 billion, which included the cash remaining in BHPP bank accounts immediately prior to completion."

From an accounting reporting prospective, WDS will only be reporting as its profit from 6 months of WPL and 1 month of BHPP:

"Financial reporting
• Woodside’s net profit after tax for the first half of 2022, including sales revenue and the associated production and sales volumes, will incorporate the contribution of the BHPP portfolio from completion of the merger on 1 June 2022.

• Woodside’s consolidated statement of financial position as at 30 June 2022 will include the fair value of the former BHPP assets and liabilities and any associated goodwill after the allocation of the merger purchase price."

This may or may not effect how much dividend WDS may want to declare. (ie. declaring a dividend of 70% of the combined six month profits for both WPL and BHPP may result in a dividend payout in excess of 100% of reported profit that only includes 1 month of BHPP).

That is how I see it anyway. Just thought I would mention it as I have not seen anyone else mention it.

Regards

S