The Woodside Energy Group Ltd (ASX: WDS) share price is currently up 2.74% today, hitting its highest point in the past month.
Shares of the petroleum exploration and production company are trading for $33.935 each, having closed on Monday at $33.03.
Woodside's gains today are outperforming the broader market. The S&P/ASX 200 Index (ASX: XJO) is currently in the red with a 0.87% loss.
Let's find out why this ASX 200 oil share is gaining today.
What's going on with Woodside today?
There's no price-sensitive news out of the company today to support the surge in the Woodside share price.
However, it did make a segment reporting statement, saying its half-year results for FY22 will be announced next Tuesday. The reporting statement said its segments would be reported to align with the company's business structure.
It confirmed the results will include the first financial statements and reserves and resources update following Woodisde's merger with BHP Group Ltd (ASX: BHP)'s petroleum business.
A clue to why shares are gaining could be taken from the energy sector itself, as the S&P/ASX 200 Energy Index (ASX: XEJ) is currently up 1.92%, making it the best performing market sector this afternoon.
Other ASX energy shares are also in the green today, including Santos Ltd (ASX: STO) and Yancoal Australia Ltd (ASX: YAL), up 2.64% and 0.85%, respectively.
According to Trading Economics, WTI crude futures climbed to $91 per barrel on Tuesday after Saudi Arabia warned that OPEC+ could reduce output to counter sharp declines in oil prices.
Woodside share price snapshot
The Woodside share price is currently up around 50% year to date, while the ASX 200 is down 8% over the same period.
The company's market capitalisation is roughly $62.72 billion
