While Woodside Energy Group Ltd. is pushing ahead with multi-billion dollar natural gas development projects to secure the future of its Australian assets, it made moves in the third quarter to grow its exposure to European markets with help from some added U.S. LNG.

The third quarter was Woodside’s first full earnings period since it formally closed its merger with BHP Group Ltd. CEO Meg O’Neill said a surge in production and earnings during the last three months was an example of how “the new, expanded Woodside is delivering what we promised” by creating a less volatile and “diverse portfolio.”

Woodside recorded liquefied natural gas production from Australian assets of 24.7 million boe in 3Q2022, up from 17 million boe year/year. LNG production was 19.8 million...