The Woodside Energy (ASX: WDS) share price has remained steady on Wednesday.
The company's share price is currently trading at $29.13, the same as yesterday's closing price. For perspective, the S&P/ASX 200 Energy Index (ASX: XEJ) is 0.57% higher at the time of writing.
So let's check what's happened with Woodside today?
First day under a new name
Today is the first day Woodside is trading under its new name and ASX ticker. Previously, the company was trading as Woodside Petroleum Ltd (ASX: WPL).
The new name was approved by shareholders at the company's AGM on Thursday.
Woodside shareholders also overwhelming approved the planned merger with BHP Group Ltd (ASX: BHP)'s petroleum business on 19 May. The merger is scheduled for completion on 1 June.
In other news today, Woodside CEO Meg O'Neill today said demand for LNG is on the rise amid the Russian invasion of Ukraine, Channel News Asia reported. Speaking at the World Gas Conference in Daegu, South Korea, O'Neill said:
With the invasion, we are seeing the world try to move away from Russian hydrocarbons and that means that demand for LNG from places like Australia is up.
We do expect prices to remain elevated for the next year, perhaps next few years as the world tries to rebalance gas in supply and demand.
In the first quarter of 2022, Woodside reported an increase in LNG sales volumes and revenue.
Natural gas prices are up 0.28% to US$8.8210 MMBtu, Trading Economics data shows. Crude oil WTI prices have also jumped 1.21% to US$111.12 per barrel.
Woodside share price snapshot
The Woodside share price has soared 32% in the past year, while it is up 28% in the year to date.
For perspective, the S&P/ASX 200 Energy Index has returned about 26% in the past year.
Woodside has a market capitalisation of about $4.2 billion based on the current share price.
