The Woodside Energy Group Ltd (ASX: WDS) share price is slightly up on Friday at $33.60, up 0.39%.
That's a small rise into the green for the energy giant from yesterday's close and a 48% climb this year to date. But the past week has been rough. Woodside shares are currently down 4.4%.
Meanwhile, the S&P/ASX 200 Energy Index (ASX: XEJ) is also up a little to 10,782 points, an 0.25% uptick.
What's up with the Woodside share price?
Following the release of the energy giant's FY22 earnings, investors have continued their support for the share.
For the 12 months to June 2022, Woodside recognised net profit after tax (NPAT) of US$1.82 billion, up 414% year on year.
Free cash flow – the lifeblood of any business – increased by nearly 670% in the same time to US$2.57 billion.
As a result, shareholders are set to enjoy a US$1.09 per share interim dividend. That's triple the interim dividend of FY21.
Underscoring the growth last financial year was a surge in the price of energy commodities back to multi-year highs.
Brent Crude oil peaked at US$123 per barrel in March, its highest level since 2011.
Meanwhile, natural gas followed suit and thrust its way to multi-year highs as well, setting the stage for Woodside to capture this upside in both markets.
Brent Crude oil has since pulled back to range, however natural gas continues to surge back past decade-long highs, as seen on the chart below with Woodside.
As a result, traders have remained bullish on the Woodside share price.
It remains up more than 70% in the past 12 months.
