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    WDS   AU0000224040

WOODSIDE ENERGY GROUP LTD

(WDS)
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Delayed Australian Stock Exchange  -  02:10 2022-09-27 am EDT
30.67 AUD   +1.56%
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Australia's Woodside says CEO Coleman to retire in 2021 amid push on $11 billion gas project

12/08/2020 | 12:50am EDT
Woodside Petroleum Chief Executive Coleman attends an interview with Reuters in Hong Kong

MELBOURNE (Reuters) - Woodside Petroleum Ltd said on Tuesday it has started looking for a successor for its long-time chief executive Peter Coleman who plans to retire in the second half of 2021.

The change in guard comes at a tricky time for Australia's top independent gas producer.

Woodside is preparing to make a final investment decision on its prized Scarborough gas project, while it also tackles the challenges of a long-term transition towards cleaner energy.

"It'll be a challenging role going ahead, as it has been for Peter over the best part of the last 10 years," Woodside Chairman Richard Goyder told Reuters.

Coleman, who took the helm at Woodside in May 2011 and saw the company through two oil price crashes, said it is the right time for a leadership change, although he said it was "frustrating" he would not be able to see Scarborough through to development.

"You know it's a fabulous project and it's going to be one that transforms Woodside," Coleman told Reuters.

Woodside is looking to develop the Scarborough gas field off the coast of Western Australia, aiming for its first shipment of liquefied natural gas (LNG) in 2026. It is looking to sell down some assets to avoid having to sell new shares to help fund the $11 bln gas project.

A new boss might want to change plans for Scarborough and send the gas into the North West Shelf LNG plant rather than into an expansion of Woodside's Pluto LNG plant, analysts said.

The board would look at internal and external candidates, Goyder said, but he declined to comment on potential candidates.

Credit Suisse said in a research note Santos CEO Kevin Gallagher was a potential choice given his "popularity with equity investors and familiarity with Woodside's business." He previously ran Woodside's North West Shelf LNG asset.

Another potential external candidate could be former head of Shell Australia Zoe Yujnovich, the bank said, adding that the lead internal candidate would be Meg O'Neill, Woodside's head of development and marketing.

(Reporting by Sonali Paul; Additional reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Chris Reese, Kim Coghill and Ana Nicolaci da Costa)

By Sonali Paul


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG -2.12% 3.964 Delayed Quote.-54.35%
LONDON BRENT OIL 2.46% 86 Delayed Quote.11.58%
SANTOS LIMITED 1.02% 6.95 Delayed Quote.9.03%
WOODSIDE ENERGY GROUP LTD 1.56% 30.67 Delayed Quote.37.71%
WTI 2.41% 78.449 Delayed Quote.1.76%
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Analyst Recommendations on WOODSIDE ENERGY GROUP LTD
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Financials (USD)
Sales 2022 15 494 M - -
Net income 2022 5 233 M - -
Net Debt 2022 2 711 M - -
P/E ratio 2022 5,79x
Yield 2022 13,0%
Capitalization 37 780 M 37 780 M -
EV / Sales 2022 2,61x
EV / Sales 2023 2,45x
Nbr of Employees 3 684
Free-Float 99,6%
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Technical analysis trends WOODSIDE ENERGY GROUP LTD
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 16
Last Close Price 19,90 $
Average target price 25,36 $
Spread / Average Target 27,4%
EPS Revisions
Managers and Directors
Meg O’Neill Chief Executive Officer, MD & Director
Graham Tiver Chief Financial Officer & Executive Vice President
Richard J. B. Goyder Chairman
Daniel Kalms Executive Vice President-Technical Services
Fiona Hick Executive Vice President-Operations
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