5 Best ASX Stocks To Invest In

4. Woodside Energy Group Ltd. (ASX:WDS)

Number of Hedge Fund Holders: 10

Woodside Energy Group Ltd. (ASX:WDS) is an Australian-based company focused on petroleum exploration and production. It holds the role of being the primary operator for oil and gas production within Australia, making it the largest independent oil and gas company in the country. Effective June 1, 2022, Woodside entered into a merger with BHP Petroleum, forming a worldwide independent energy corporation. This merger significantly enhanced the company’s scale, diversity, and resilience, ultimately benefitting shareholders and bolstering its capacity to adapt during the energy transition. On September 13, Woodside Energy Group Ltd. (ASX:WDS) initiated production at the deep-water Shenzi North project situated in the US Gulf of Mexico. This project involves a subsea tieback with two wells, leveraging the existing Shenzi infrastructure to amplify the asset’s production capacity.

The decision to proceed with the Shenzi North project, marked by the final investment decision (FID), was made in July 2021. Notably, the project commenced production ahead of the initially targeted first oil projection for 2024. Woodside CEO Meg O’Neill emphasized the significance of the start-up at Shenzi North, underlining the value of the assets in the US Gulf of Mexico obtained through Woodside’s merger with BHP’s petroleum business.