Australia’s Woodside and Santos report surging revenues on higher energy prices

High energy prices due to Russia’s invasion of Ukraine have seen revenues surge at Australian oil and gas companies Santos and Woodside.

On Thursday, Woodside said revenue for the three months to the end of June was $3.4 billion, up 44% from the previous three months, while Santos said its sales for the first six months of the year hit a new record of $3.8 billion, up 85% on the same period last year.

Woodside’s chief executive, Meg O’Neill, said the company’s takeover of BHP’s oil and gas business helped contribute to the result while Santo’s boss, Kevin Gallagher, said both high production and high prices helped deliver the company’s record revenue figure.

As part of the BHP deal, Woodside received $1.1bn in cash.