Cashed-up Woodside plans big 2023 spend

After trebling profits following 12 months of surging oil and gas prices, Woodside Energy is considering growing its asset portfolio, chief executive Meg O'Neill says.

A combination of additional production and sales from its acquisition of BHP’s petroleum assets and strong energy prices helped drive a $US5.2 billion underlying net profit for Woodside in the 12 months ended December 31 2022.

It marks a 223 per cent increase on last year's bottom line. 

Woodside produced the equivalent of 157.7 millions of barrels of oil during the period at an average realised price of $US98.4 per barrel, driving operating revenues up 142 per cent on the prior year to $US16.8 billion.

With cash on hand of $US6.1 billion, Woodside has said it is well positioned for “major capital investment through 2023 and 2024” forecasting between $US6 billion and $US6.5 billion in capital expenditure in 2023.

Chief executive Meg O'Neill said it was a momentous year for the company and hinted at expansion plans in the year ahead. 

“Woodside is now a larger, geographically diverse energy company with the financial and operational strength to grow our portfolio of high-quality assets while continuing to deliver returns to shareholders,” she said.

“Throughout the year we took steps to maximise our exposure to favourable prices, expanding our global marketing presence and increasing trading activities."

Investors will receive a fully-franked final dividend of $US1.44 per share.

Woodside is targeting its first LNG cargo from Scarborough in 2026, pending secondary regulatory approvals, while first oil is expected from Sangomar in late 2023.

Woodside shares were up 1.39 per cent to trade at $35.08.