Woodside Petroleum shareholders will share in the energy price bonanza that has helped fuel a $US6 billion ($8.3 billion) turnaround in bottom line profits for the full year and ensured a strong start to 2022.

Profits before one-off items more than tripled to $US1.62 billion and analysts signalled that earnings upgrades could be around the corner given Thursday’s strong pricing for oil and gas, and with forward prices that remain robust for LNG.