Woodside (ASX: WDS) Locks In New CEO With Scarborough 94% Complete- Is Now the Time to Buy?

Woodside backs continuity as Scarborough nears first gas

Woodside Energy (ASX: WDS) confirmed Liz Westcott as permanent Chief Executive Officer on 18 March 2026, ending three months of uncertainty after former CEO Meg O’Neill departed for BP. The market barely flinched, with shares rising less than 1% to around A$31.44. That muted reaction tells its own story. Investors are treating this as business as usual, not a disruption. The question worth asking is whether that relaxed response is the right call, given that one of Australia’s biggest LNG projects is just months from first gas.

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An Operator in the Chair at Exactly the Right Time

Westcott is not a stranger to Woodside’s biggest challenges. She joined the company in 2023, spent two years running Australian operations, and directly oversaw the Scarborough Energy Project before stepping into the acting CEO role in December. Before Woodside, she served as Chief Operating Officer at EnergyAustralia and spent 25 years at ExxonMobil across Australia, the United Kingdom, and Italy.

What makes this appointment interesting is its timing. Scarborough is 94% complete and on track for the first LNG cargo in Q4 2026. Louisiana LNG, the company’s three-train US project, was 22% complete at year’s end and is targeting first LNG in 2029. Both projects need careful, experienced hands over the next two to three years. Choosing an operator who already knows these assets deeply, rather than an outsider, reduces transition risk at the worst possible time to get it wrong. We think the board got this part right.

Why One Analyst Is Not Convinced

Not everyone sees it that way. MST Marquee analyst Saul Kavonic argued that Westcott does not bring the investor engagement, M&A experience, or LNG marketing capabilities that shareholders were hoping to see in the next CEO, and that the appointment sends the opposite signals to what shareholders want.

This is a fair point. Woodside still has meaningful commercial work ahead, including the ongoing discussions to divest a further 20% of Louisiana LNG and building out long-term LNG customer relationships across Asia. A leader with deeper deal-making experience might have helped there.

That said, we believe this concern does not change the near-term investment thesis. Westcott is supported by a capable commercial team, and the priority for 2026 is executing, not dealmaking. Investors should keep an eye on whether commercial progress stalls, but right now, execution is what matters most.

The Investor’s Takeaway

The Scarborough first gas date in Q4 2026 is the real catalyst to watch, not the CEO appointment. Woodside delivered record production of 198.8 million barrels of oil equivalent for the full year 2025. With a dividend yield of around 5.2% and Scarborough nearing the finish line, WDS suits income-focused investors and those wanting LNG exposure through a quality operator.

For new investors, current prices already reflect considerable optimism about execution. In our view, waiting for evidence of a smooth Scarborough start-up before adding to a position remains the sensible approach. The story is compelling. The next few months will determine whether the confidence is justified.