The week in review
This week Woodside released their results for the fourth quarter.
Nothing particularly special in that. It's a routine announcement and to be fair didn't announce anything particularly ground-breaking.
The usual well-crafted sentences about having delivered a "record full-year production…strong oil asset performance…and a second consecutive quarter of 100% reliability at Pluto LNG..." That kind of thing.
And of course, because it's Woodside, we – and many other news outlets – diligently reported on the results as would be expected.
But it's one line in the midst of the statement which really deserved more prominence and grabbed my attention.
"Appointed Liz Westcott as Acting CEO, following the resignation of Meg O'Neill."
Now, this of course isn't news but the ramifications of O'Neill's departure and the arrival of a new CEO haven't really been felt yet. Westcott's slide into the top seat is very much a "business as usual," steady hand on the tiller move.
It's when the new boss arrives that we'll all see what's next for the Perth-based energy firm, much like BP will feel when O'Neill arrives in their London HQ.
So, looking back at what Woodside have said about the succession process, it's occurred to me that decisions may have already been made.
In a statement last month, Woodside chair Richard Goyder said: "The Board's ongoing focus on CEO succession planning means Woodside is fortunate to have a number of highly qualified internal candidates as we also assess external talent options to ensure the best possible CEO appointment.
"We are well positioned to conclude this process efficiently with the intention of announcing a permanent appointment in the first quarter of 2026."
Now, in my experience, corporate entities and government organisations tend to shy away from giving themselves finite deadlines to which they need to stick. The risk is too great. Timeline blow-outs are common and, when coupled with a previously announced date, are easy fodder for the likes of ENB and the rest of the media mob.
So, is it possible that Goyder and co know who'll be taking the reins and - for perhaps contractual reasons – cannot make an announcement yet but know they'll certainly be able to do so by the end of March?
Corporate smoke and mirrors? Surely not…
Yours,
Russell Yeo
Editor Energy News Bulletin
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