Woodside Energy Group Ltd on Wednesday announced a new chief executive in Elizabeth Westcott, who has already been serving in that capacity since late last year on an interim basis.
The Australian liquefied natural gas-focused producer picked from within its ranks to replace Meg O’Neill, whom BP named CEO and successor for the resigned Murray Auchincloss on December 17, 2025. O’Neill is scheduled to take over at BP next month.
“Liz’s [Westcott] proven track record of outstanding strategic leadership and disciplined delivery distinguished her as the board’s top candidate for this role”, Woodside chair Richard Goyder said in a company statement.
Westcott, simultaneously appointed managing director, said, “My focus as CEO is on sustainable value creation for Woodside shareholders, operational excellence and disciplined execution of our growth projects”.
Woodside said, “Since joining the company in June 2023, Ms Westcott has led Woodside’s Australian operations, including the Scarborough Energy Project and Bass Strait operator transition, as Executive Vice President and Chief Operating Officer Australia”.
Before joining Woodside, Westcott was chief operating officer at EnergyAustralia. Westcott’s career also included a 25-year spell at ExxonMobil, Woodside noted. Westcott also serves on the board of Australian Energy Producers.
She holds bachelor’s degrees in commerce and civil engineering from Melbourne University and is a graduate of the Australian Institute of Company Directors, Woodside said.
“Ms Westcott’s fixed annual reward (FAR) on appointment will be AUD 2,300,000 [$1.62 million], which is inclusive of base salary, benefits and allowances, statutory minimum superannuation contributions, director’s fees for all Woodside Group companies and salary continuance benefits”, Woodside said.
“Ms Wescott is eligible to receive variable annual reward, which from FY2026, comprises a short-term incentive (STI) and long-term incentive (LTI) component.
“The STI opportunity is 180 percent of FAR at target, with a maximum of 270 percent of FAR. The STI will be delivered in two equal components: cash and restricted shares, with the restricted shares subject to a two-year deferral period. Any portion of the STI award above target will be delivered entirely as restricted shares.
“The LTI opportunity is 300 percent of FAR, and will be delivered in performance rights. Performance rights will be tested over a three-year performance period, and will be subject to an additional two-year service condition after the end of the performance period”.
Concurrently Woodside appointed Mark Cutifani, who served as Anglo American chief executive for over 9 years, as an independent non-executive director. Cutifani joins Woodside’s Audit and Risk Committee, Sustainability Committee and Nominations and Governance Committee.
“He will stand for election as a director at Woodside’s 2026 annual general meeting on 23 April 2026”, Woodside said in a separate statement.
On Wednesday, Woodside gained 2 cents to AUD 31.44 in closing priced on the Australian Securities Exchange, and settled higher at AUD 33.7 on Thursday. On the New York Stock Exchange, Woodside also closed higher on Wednesday at $22.85.
To contact the author, email jov.onsat@rigzone.com
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