Here's what happened to the Woodside Petroleum (ASX:WPL) share price in the FY22 first quarter

Woodside's stock spent most of the quarter in the red before gaining nearly 24% in the final days of the period.

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The Woodside Petroleum Limited (ASX: WPL) share price performed well over the first quarter of financial year 2022 (FY22) thanks to a last-minute rally.

In fact, the oil and gas producer's share price hit its lowest point of the quarter on 10 September.

So, how did it ultimately boast a 7.5% gain for the 3-month period ended 30 September 2021? Let's take a look.

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Image source: Getty Images

Woodside Petroleum share price in FY22's first quarter

The Woodside Petroleum share price started the recent quarter trading at $22.21 and finished it at $23.88.

That's despite it falling 13% between the quarter's start and 10 September.

Even though the company released plenty of news, Woodside's stock spent most of the quarter in the red.

What did Woodside announce in the first quarter?

Over the 3-months just been, Woodside released news of its acquisition of a joint venture, its results for FY21's fourth quarter, and cost estimates for its Scarborough project.

But the biggest news from Woodside for the quarter was released alongside its half-year earnings on 18 August.

Then, Woodside announced its plans to merge with BHP Group Ltd's (ASX: BHP) petroleum division. The merger will see Woodside's value surging to around $35 billion.

The company also permanently instated its acting CEO, Meg O'Neill, as its leader and announced a return to profit.

Woodside posted $317 million of net profit after tax and a 14% increase to its dividend for the half year ended 30 June 2021.

Despite all the seemingly good news, the Woodside share price fell 2% on 18 August.

What else drove Woodside's stock last quarter?

The Woodside share price struggled over much of the quarter just been before gaining 23.9% in its last 10 days. The rollercoaster may have been instigated by turbulent oil prices.

The first quarter of FY22 was a big one for oil prices.

It started with the Organization of the Petroleum Exporting Countries and Russia (OPEC+) disagreeing on supply levels.

While the squabbles drove oil prices downwards, the disagreement didn't last long.

The OPEC+ soon decided to increase production by 400,000 barrels a day each month from August, eventually bolstering oil supply back to pre-pandemic levels.

However, Hurricane Ida hit the Gulf of Mexico in late August and early September, devastating the region's oil production and boosting the price of oil once more.

Come the end of the quarter, oil prices were surging to multiyear highs and the Woodside share price was surging alongside them.

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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