Woodside Energy Group Ltd stock is under the spotlight on 18 December 2025 after the company confirmed a sudden top-level leadership transition: CEO and Managing Director Meg O’Neill has resigned to become Chief Executive Officer of BP, with Liz Westcott appointed Acting CEO effective today. [1]
The market’s first reaction was cautious. In Australia, Woodside shares traded lower on the day amid the leadership news, even as broader energy headlines pushed oil prices higher overnight. [2]
Below is what’s known right now, what analysts are saying, and why Woodside’s multi‑year project pipeline makes this CEO handover more than just corporate theatre.
What happened today: Woodside confirms CEO succession, Liz Westcott named Acting CEO
In an ASX announcement dated Thursday, 18 December 2025, Woodside said Meg O’Neill informed the board of her resignation after accepting the CEO role at bp p.l.c. [3]
Woodside’s board appointed Liz Westcott as Acting CEO effective 18 December 2025. Westcott has led Woodside’s Australian Operations as Executive Vice President and Chief Operating Officer (Australia) since joining in June 2023, and previously served as COO at EnergyAustralia after a long career at ExxonMobil. [4]
Just as important for investors: the board said it expects to announce a permanent CEO appointment in the first quarter of 2026, citing both internal candidates and external options. [5]
Executive transition terms: “gardening leave” and interim pay details
Woodside also disclosed the key “leaving arrangements” and interim compensation mechanics:
- O’Neill will continue to receive benefits under her contract until the end of a gardening leave period ending 30 March 2026. [6]
- She will not be eligible for FY2025 incentives, and unvested performance rights and restricted shares for prior years will lapse. [7]
- Westcott’s annual salary as Acting CEO (including superannuation) is A$1,803,000, which includes a higher duties allowance. [8]
This level of detail matters because it reduces uncertainty around near‑term governance and incentives—an area markets tend to punish when it’s vague.
Woodside share price: how WDS stock reacted in Australia and the US
ASX:WDS
In Australia, IG’s ASX 200 afternoon report noted Woodside Energy was down 2.50% to A$22.84 after the company announced O’Neill’s resignation for the BP job. [9]
Separately, Reuters reporting around the BP appointment said Woodside shares fell as much as about 2.9% following the news. [10]
NYSE:WDS (ADR)
In US trading, the Woodside ADR was indicated at $15.63, up 0.84% at the time of the latest check, with a 52‑week range shown around $11.13 to $17.71.
Two quick notes for readers:
- The ASX listing (AUD) and NYSE ADR (USD) can diverge in the short run because of timing, liquidity, and FX moves.
- The bigger story isn’t the single‑day move—it’s whether the CEO change alters confidence in executing Woodside’s large project slate.
Why this CEO change matters more than usual for Woodside investors
CEO transitions can be “meh” events when a company is in steady-state operations. Woodside is not in that phase.
Woodside is balancing:
- high‑performing legacy operations that fund dividends, and
- capital‑intensive growth projects that could reshape cash flow through the late‑2020s and into the 2030s.
In today’s announcement, Chairman Richard Goyder explicitly framed continuity and execution as the priority, pointing investors back to Woodside’s strategy outlined at its November 2025 Capital Markets Day and emphasizing a focus on safe operations, major project execution, and “staying the strategic course.” [11]
That’s corporate-speak—but it’s also the central investment question: can Woodside deliver first LNG and first oil on schedule and on budget while maintaining shareholder returns?
Woodside’s project pipeline: progress, timelines, and what could move the stock
Woodside’s most recent operational updates show a company deep in execution mode.
Scarborough Energy Project and Pluto Train 2
In its Third Quarter 2025 report, Woodside said:
- The Scarborough Energy Project was 91% complete, and remained on track for first LNG in the second half of 2026. [12]
Woodside’s own project communications repeat the “over 91% complete” status and the 2H 2026 first LNG target. [13]
For Woodside stock, Scarborough/Pluto Train 2 is a classic catalyst: as the project approaches first LNG, markets tend to shift from “construction risk discount” toward “cash flow delivery expectations.”
Louisiana LNG
Woodside’s Q3 report describes Louisiana LNG as a three‑train project and puts tangible numbers on progress:
- Louisiana LNG was 19% complete, with Train 1 at 25% complete, and a target of first LNG in 2029. [14]
This is crucial because Louisiana LNG is part of the company’s push into the Atlantic Basin LNG trade—bigger addressable markets, but also bigger US execution and cost risks.
Trion (offshore Mexico) and Beaumont New Ammonia
The same Q3 report also updates two other major builds:
- Trion was 43% complete, targeting first oil in 2028. [15]
- Beaumont New Ammonia was 97% complete, targeting first ammonia production from late 2025. [16]
These aren’t “background projects”—they form part of Woodside’s argument that it can grow while remaining financially disciplined.
Operations and guidance: production, costs, and “proof of execution”
Project stories are promises. Operational performance is receipts.
Woodside’s Q3 2025 report highlighted:
- Quarterly production of 50.8 MMboe (552 Mboe/d), up 1% from Q2 2025. [17]
- Full‑year 2025 production guidance revised to 192–197 MMboe (up from 188–195 MMboe previously shown in the same report’s table). [18]
- “Outstanding” Pluto LNG reliability of 100% for the quarter (per the report’s highlights). [19]
Woodside also pointed to business and portfolio milestones, including final environmental approval for the North West Shelf Project Extension, as well as steps like assuming operatorship of Bass Strait assets and a divestment in Trinidad and Tobago (Greater Angostura). [20]
For investors, these details feed a simple narrative test: does Woodside consistently do what it says it will do? CEO changes tend to hurt more when that narrative is already shaky. When it’s strong, markets often treat them as manageable.
Dividend outlook: strong payouts now, ambitious growth later
Woodside has kept dividends front‑and‑centre in today’s messaging. The CEO succession announcement says Woodside’s performance translated into approximately US$11 billion in dividends paid to shareholders since 2022. [21]
In its Half-Year 2025 report, Woodside reported:
- A fully franked interim dividend of 53 US cents per share, representing an 80% payout ratio of underlying NPAT (and an annualised yield cited in the report at the time). [22]
At the strategic level, Woodside’s Capital Markets Day 2025 announcement set out a longer‑range ambition:
- By the early 2030s, net operating cash is expected to rise to around US$9 billion, with a pathway to a 50% increase in dividend per share from 2032. [23]
That’s a big “if/then” statement—one that depends heavily on Scarborough, Louisiana LNG, and other projects delivering the step‑change in cash flow.
Analyst and market commentary: cautious tone, but targets still point higher
Today’s story generated immediate analyst reaction focused on leadership depth and execution priorities.
RBC: continuity praised, but “negative view” on the surprise move
ABC’s market live coverage cited RBC Capital Markets analyst Gordon Ramsay, who viewed Westcott’s appointment as recognition of an “operating focus” and emphasized that multiple executive vice presidents report to the CEO—highlighting Woodside’s internal bench. [24]
Other market reporting said RBC’s sentiment on the CEO news was negative despite maintaining an outperform stance, with a cited price target around A$33.50. [25]
Macquarie: Neutral stance maintained
A separate broker datapoint comes from reporting that Macquarie Research maintained a Neutral recommendation on Woodside, with compiled analyst targets suggesting upside from then‑current levels (with different target figures shown for the NYSE ADR and ASX listing in the same dataset family). [26]
The bigger takeaway from today’s “forecast” chatter
Even where analysts keep ratings and targets intact, the subtext is consistent:
- The stock will trade on execution—not just oil and gas prices, not just dividends, and not just the identity of the next CEO.
That’s especially true as Scarborough approaches its first LNG window in 2026. [27]
Macro backdrop: energy stocks fell even as oil rose
One wrinkle in today’s tape: the ASX energy sector weakened even though crude rose overnight, according to IG’s market report (which tied the oil move to geopolitical headlines). Woodside was explicitly flagged as down on the CEO resignation headline. [28]
For Woodside shareholders, this matters because it’s a reminder that company-specific news can overwhelm commodity momentum—at least temporarily.
Risks investors are watching after today’s Woodside news
A realistic Woodside Energy stock outlook has to hold two truths at once: the company has valuable assets and visible growth projects, and it also carries real risks.
Key ones in focus now:
- CEO uncertainty into Q1 2026: The board says it intends to announce a permanent CEO in the first quarter of 2026, but markets dislike open-ended timelines. [29]
- Major project execution risk: Scarborough/Pluto Train 2, Louisiana LNG, and Trion all have big schedule and cost sensitivity. [30]
- Commodity and pricing exposure: Cash flow and dividend capacity remain sensitive to oil-linked revenue and LNG pricing structures.
- Regulatory/ESG pressure: Woodside’s North West Shelf extension and broader expansion plans have been politically and socially contested, and continue to attract scrutiny and legal friction. [31]
- Balance sheet discipline: Rating agencies and bond markets generally reward Woodside’s investment‑grade posture (Woodside has highlighted investment grade credit ratings in its own materials). [32]
What to watch next: near-term catalysts for Woodside stock
Between now and the end of Q1 2026, Woodside stock will likely trade on a short list of concrete milestones:
- Permanent CEO announcement (expected Q1 2026) [33]
- Scarborough/Pluto Train 2 commissioning progress and any updates that reinforce or threaten the 2H 2026 first LNG timeline [34]
- Louisiana LNG progress—and any potential partner sell-down or financing updates that reduce capital intensity (the project’s completion percentages and train progress are now being tracked in black-and-white) [35]
- Dividend decisions and payout framing as the company balances returns with capex [36]
Bottom line
Woodside Energy stock is absorbing a genuine shock event: the CEO is departing to run BP, and the company is moving into a months‑long CEO selection process while juggling some of the most consequential projects in its modern history. [37]
Today’s share price drop in Australia reflects that uncertainty. [38] But Woodside is also not a blank slate: it has published project completion milestones, reaffirmed timelines, and anchored its shareholder narrative around dividends and long‑dated cash flow growth—now under new interim leadership. [39]
References
1. www.woodside.com, 2. www.ig.com, 3. www.woodside.com, 4. www.woodside.com, 5. www.woodside.com, 6. www.woodside.com, 7. www.woodside.com, 8. www.woodside.com, 9. www.ig.com, 10. www.reuters.com, 11. www.woodside.com, 12. www.woodside.com, 13. www.woodside.com, 14. www.woodside.com, 15. www.woodside.com, 16. www.woodside.com, 17. www.woodside.com, 18. www.woodside.com, 19. www.woodside.com, 20. www.woodside.com, 21. www.woodside.com, 22. www.woodside.com, 23. www.woodside.com, 24. www.abc.net.au, 25. www.capitalbrief.com, 26. www.nasdaq.com, 27. www.woodside.com, 28. www.ig.com, 29. www.woodside.com, 30. www.woodside.com, 31. www.abc.net.au, 32. www.woodside.com, 33. www.woodside.com, 34. www.woodside.com, 35. www.woodside.com, 36. www.woodside.com, 37. www.woodside.com, 38. www.ig.com, 39. www.woodside.com
