Australia’s largest energy player reported a $620.9 million revenue figure for the quarter, up from $472.3 million for the corresponding period last year.
Due to higher demand, increased LNG output from the North West Shelf, of which Woodside is the operator, more than made up for the declining oil production from the Laminaria-Corallina fields in the Timor Sea.
At today’s AGM, the company announced Akehurst’s contract, which was due to expire on 2 April, 2005, would lapse when a suitable replacement was found.
The search for a new Chief Executive Officer, as opposed to Akehurst’s current title as Managing Director, would commence immediately.
“The Board has agreed to pay Mr Akehurst his current salary and a pro rata short-term incentive until he leaves the company. Loans to Mr Akehurst under the Woodside Employee Share Plan will be increased from A$5.7 million to A$6 million and be required to be repaid within three years of his departure. He also has entitlements under the Company superannuation scheme,” said a company statement.
“On leaving, he will be paid an agreed A$3 million as full and final settlement of his employment with Woodside.
“The Board wishes Mr Akehurst well for the future and acknowledges his leadership during a period of significant milestones for Woodside, including the 10th anniversary of continued LNG exports to Japan from the North West Shelf Venture, Woodside’s response to two takeover attempts, Australia’s first LNG contract with China, new LNG sales to Korea, and the discovery of the Laminaria-Corallina, Chinguetti, Enfield and Otway oil and gas fields.”
Insiders familiar with Woodside machinations pointed to a lack of congratulations in the public statement and the long list of departures in the recent 24 months of key senior executives who were unhappy with Akehurst’s reputed autocratic management style.
Rumours of Akehurst’s departure were flagged at the recent APPEA conference. At the time, a Woodside spokesman told EnergyReview.net that Akehurst had recently told him he had every intention of seeing his contract out.
It seems he was persuaded to see otherwise.
