News: BHP UPDATE 1-Woodside Energy's quarterly revenue nearly doubles on strong gas pricing

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Jan 25 (Reuters) - Australia's Woodside Energy (WDS) on Wednesday posted an 81% jump in fourth-quarter revenue, benefiting from strong pricing for liquefied natural gas and the acquisition of BHP Group's energy assets.

Despite the recent decline in global oil and gas prices, Australia's top independent gas producer has continued to perform well as most of its LNG sales are tied to oil prices on a three- to six-month lag. It also has exposure to gas hubs with strong pricing.

Revenues were boosted by the company's higher exposure to gas benchmarks such as the Japan-Korea Marker (JKM) in Asia, the Netherlands' TTF price for Europe and the UK's National Balancing Point.

For 2022, 23% of Woodside's LNG was sold at prices linked to gas hub indexes.

The company's quarterly average realized price was $98 per barrel of oil equivalent (boe) in the December quarter, significantly higher than $90 per boe a year ago.

The oil and gas explorer said revenue for the three months ended Dec. 30, its second full quarter of production since merging with BHP's (BHP) petroleum arm, was $5.16 billion, compared with $2.85 billion last year. (([email protected]; Twitter: https://twitter.com/damnit_saladin;))