Stronger commodity prices and sizable mergers helped two of Asia’s biggest liquefied natural gas (LNG) suppliers, Woodside Petroleum Ltd. and Santos Ltd., end 2021 with ballooning sales revenues.

Both Australian companies built on the momentum of a stronger than expected 2020 by capitalizing on the market fluctuations of 2021, cashing in big at the end of the year with premiums on LNG prices.

Woodside saw a 93% jump in its LNG sales revenues during the last three months of the year, which accounted for $2.354 billion of its 4Q2021 sales and more than 56% of all of its product volumes sold during the period. That boost helped Woodside set a new record for quarterly sales revenues of $2.852 billion in the fourth quarter.

It ended 4Q2021 with a realized price for LNG of...