The Woodside Petroleum Limited (ASX: WPL) share price is currently 5.61% higher at $30.24 — making it the best performing ASX energy share at the time of writing.
The S&P/ASX 200 Energy Index (ASX: XEJ) is up 4.7% so far, also making it the highest performing sector on the ASX today.
By comparison, the wider S&P/ASX 200 Index (ASX: XJO) is up just 0.16%.
So, what's going on with Woodside today?
Oil prices rising
Woodside's increased share price is riding the wave of rising oil and gas prices on commodity markets.
According to Trading Economics, Brent crude oil is up more than 5% today to US$110.77 a barrel and natural gas is up 2.4% to US$4.68 MMBtu.
Russia's invasion of Ukraine has put a strain on oil prices amid growing concern over "supply disruption", with Russia a "key exporter".
According to The Guardian, the United States and a number of other countries are set to access their emergency stores of oil in a bid to "stabilise global energy markets".
This comes as the Brent crude oil prices hit a seven-year high.
What's else is going on with Woodside today?
While the company didn't have any price-sensitive news this morning, it released a report on its 2021 climate target progress.
In it, the energy giant revealed that it was on track to achieve its 2025 target of a 15% reduction in greenhouse gas emissions.
Woodside is aiming for a 30% decrease of emissions by 2030, and "net zero" by 2050, "or sooner".
According to the report, the company says its methane emissions for the year accounted for 0.1% of production.
Woodside also outlined a number of energy projects, including its Woodside Solar Project, with an initial phase target of 100 megawatts (MW) and a maximum capacity of 500MW.
Its H2Perth and H2TAS plants are underway, with initial phase targets of hydrogen and ammonia achieved. Its Heliogen solar site is set for construction this year.
According to the company, "increased investment in hydrogen [is] needed to support the Net Zero Emissions 2050 pathway".
Woodside share price snapshot
Over the last 12 months, the Woodside share price has jumped 22%, hitting a two year high today.
The company has a market capitalisation of $29 billion and a current price-to-earnings ratio (P/E) of 13.99.
