The Woodside Petroleum Limited (ASX: WPL) share price is lifting as shareholders get ready to go to the polls on the company’s planned merger with BHP Group Ltd (ASX: BHP)’s oil and gas portfolio.
And, in the nick of time, the merger has received its final regulatory tick of approval.
At the time of writing, the Woodside share price is $30.97, 1.54% higher than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is also up 0.3% on Tuesday.
Let’s take a closer look at what’s going on with the oil and gas giant this week.
The latest on Woodside’s major merger
The Woodside share price is in the green on Tuesday. Its gains come after the company announced the National Offshore Petroleum Titles Administrator has given its merger with BHP’s petroleum assets the thumbs up.
The regulator – a facet of the Australian Government – administers and manages petroleum and gas titles in Australian waters.
Now all that’s left to do is to put the merger to a shareholder vote. Woodside investors will get their say on the plan at the company’s annual general meeting on Thursday.
If approved, the merger is expected to be completed on 1 June.
Fortunately for ASX energy fans, the Woodside share price isn’t alone in the green today.
Right now, the S&P/ASX 200 Energy Index (ASX: XEJ) is recording a 1.8% gain.
It’s being led by the Beach Energy Ltd (ASX: BPT) share price. It is recording a 4.4% lift.
Meanwhile, shares in Whitehaven Coal Ltd (ASX: WHC), Santos Ltd (ASX: STO), and Worley Ltd (ASX: WOR) are up 2.95%, 2.29%, and 2.91% respectively.
The momentum comes after many energy commodity prices increased by 2% to 3% on Monday.
Brent crude oil lifted 2.4% to US$114.24 a barrel while US Nymex crude oil rose 3.4% to US$114.20 a barrel, according to CommSec. Meanwhile, the price of thermal coal increased 2.5% to US$402.50 a tonne.
Woodside share price snapshot
Today’s gains included, the Woodside share price is 37% higher than it was at the start of 2022.
It has also gained nearly 38% since this time last year.
