- Woodside Energy's shares were trading AU$34.03 apiece, up 4.23% at 1.26 PM AEDT.
- This outperforms ASX 200 Energy index which was up 3.93% at 11,148.40 points.
Shares of Woodside Energy Limited (ASX:WDS) were trading in the green on Friday despite the company not releasing any price-sensitive news. At 1.26 PM AEDT, the ASX-listed energy company's shares were trading at AU$34.03 apiece, up 4.23% on ASX. This outperforms ASX 200 Energy index, which was up 3.93% at 11,148.40 points at 1.27 PM AEDT.
Meanwhile, the overall Australian share market was also trading in the green today. At 1.27 PM AEDT, the benchmark index was trading 1.75% higher at 6,758.80 points. Sectorally, energy was the best-performing sector, followed by utilities (up 2.83%) and consumer staples (up 2.22%).
Why are Woodside Energy's shares trading higher?
Woodside has released no price-sensitive information since 30 August 2022, when it had shared its half-yearly results for the financial year 2022. The shares might have risen today on account of strength in the overall energy sector.
Besides, crude oil was also trading in the green today. At 1.36 PM AEDT, crude oil was trading at USD89.296/bbl, up 0.25%, while brent oil was at USD94.72/bbl, up 0.20%.
A look at Woodside's half-year 2022 report
Image Source: © 2022 Kalkine Media ®
Data Source- Company announcement dated 30 August 2022
Resource & energy export earnings in Australia
According to the Resources and Energy report released by the Department of Industry, Science, and Resources in September 2022, Australia's resource and energy export earnings are predicted to exceed AU$450 billion in 2022–23, breaking the previous record of AU$422 billion.
Thereafter, earnings are predicted to decline to AU$375 billion in 2023–2024 (still the third highest ever) as global supply adjusts to high prices against a backdrop of weak demand.
An increase in energy prices and the Australian dollar's depreciation versus the US dollar are causing the current boom in resource and energy export revenues. Russia’s plans to cut back on its exports of gas, coal, and oil is also having an impact on energy prices. As nations in the Northern Hemisphere attempt to build stocks before winter, gas, LNG, and thermal coal prices are hitting record highs.
The price of metallurgical coal has decreased since the June 2022 Resources and Energy Quarterly, although the price of thermal coal and other energy commodities has remained high. Bans on the export of oil and other fossil fuels from Russia by the majority of developed Western nations are gradually taking effect.
Woodside stock performance: Shares of Woodside have jumped almost 6% in the last six months and over 50% on a YTD basis. However, the company's shares have climbed more than 36% in the last one year.