The Woodside Energy Group Ltd (ASX: WDS) share price is rising again, up by 3.66% so far today.
This compares to the S&P/ASX 200 Index (ASX: XJO) which is currently only 0.04% higher, so Woodside is delivering sizeable outperformance today.
It's a strong day for ASX shares involved with producing energy for the global market. The Santos Ltd (ASX: STO) share price is currently up around 3% while the Whitehaven Coal Ltd (ASX: WHC) share price is 7.65% higher at the time of writing.
It comes as the war in Ukraine rumbles on and Russian energy flows are still being disrupted, for one reason or another.
As reported by various global media, including the BBC, Russian gas giant Gazprom announced an "indefinite extension to a three-day maintenance halt to flows of gas through the continent's key energy artery, hours after leading western finance ministers vowed to escalate sanctions on Russian oil".
The reason Gazprom gave was that an oil leak had been discovered and that the pipeline cannot work without German imports of technology, which are currently blocked due to the trade sanctions.
Rising energy prices
As a commodity business, Woodside generates its revenue, and particularly its profit, based on how much money is paid for its resources. This also has a direct impact on the Woodside share price.
Higher prices obviously help Woodside make more money.
As reported by Commsec, overnight the Brent oil price increased by 0.7% to US$93.02 per barrel of oil equivalent.
That's just one day's movement, but higher energy prices are helpful for the ASX oil share.
Asset sale?
There's another factor that may be making an impact on the Woodside share price today.
According to reporting by The Australian, Woodside may decide to pursue divestment of an oil and gas joint venture in the Gippsland Basin that was previously owned by BHP Group Ltd (ASX: BHP). It's now owned by Woodside after the merger of BHP's petroleum assets, completed in June.
Woodside is strategically reviewing its portfolio "holistically", ensuring that it is focusing on the "highest priority opportunities".
According to reporting, BHP hired Goldman Sachs around two years ago to consider selling oil assets, which included a possible sale of the Gippsland Basin assets in the Bass Strait. Some time ago, these assets may have been valued at around US$2 billion. But "large remediation costs have always been an impediment", according to the report.
Woodside share price snapshot
Over the last month, Woodside shares have gone up around 12%.
