Houston-based BHP Group announced that the merger of BHP’s oil and gas portfolio with Australian gas company Woodside Energy Group Limited by an all-stock merger is complete.

According to a statement on BHP’s website, the merger aims to create a global top 10 independent energy company by production and the largest energy company listed on the Australian Securities Exchange (ASX). The combined business is expected to have a high margin oil portfolio, long life LNG assets and the financial resilience to help supply the energy needed for global growth and development over the energy transition.

“The merger of our petroleum assets with Woodside creates a global energy company with the scale and opportunity to help supply the energy needed for global growth and development in a rapidly decarbonizing world,” said BHP CEO Mike Henry.

The merger positions the combined company to deliver the best shareholder and societal outcomes during the energy transition, BHP said in a statement.

“Our shareholders will now have exposure to assets in two organizations, BHP and Woodside, each with a very clear focus, strategy and value proposition,” Henry said. “BHP’s world class portfolio is weighted towards commodities which support economic growth and have decarburization upside and combined with our operational excellence will underpin attractive returns and long-term value growth.”