sydneywoodside energy group ltd said its annual profit more than tripled as it benefited from higher oil and natural gas prices and a major contribution from the petroleum business that it bought from bhp group ltd woodside reported a net profit of us65 billion for the 12 months through december up from us198 billion in 2021 directors of the company declared a final dividend of us144 a share bringing the fullyear payout to us253 a share annual underlying earnings which strip out oneoff items totaled us523 billion woodside said its annual revenue rose to us1682 billion from us696 billion in 2021 throughout the year we took steps to maximize our exposure to favorable prices expanding our global marketing presence and increasing trading activities said chief executive meg oneill our exposure to gas hub pricing for produced lng sales was 23 the result caps a transformational 12 months for woodside which rose up the ranks of the worlds largest energy companies as a result of the deal with bhp woodside is also advancing a raft of new projects led by the scarborough and pluto train 2 development in australia that aims to ship its maiden cargo of liquefied natural gas in 2026 investors had expected a sharply higher net profit after russias invasion of ukraine early in 2022 led energy prices to surge including for liquefied natural gas across its portfolio the companys output fetched an average realized price of us984 per barrel of oil equivalent in 2022 up 63 compared with 2021 rising prices coincided with woodsides output expanding significantly as a result of the bhp deal woodside produced 1577 million barrels of oil equivalent in the 12 months through december beating prior guidance and well ahead of the 911 million barrels of oil equivalent achieved in 2021 woodside expects output to rise again in 2023 with management on monday reaffirming a target of 180 million190 million boe