February 24, 2026 [Reuters]- Australian oil and gas producer Woodside Energy posted a smaller-than-expected fall in annual profit on Tuesday, as robust production offset weaker realised prices, and said it expects to name a new CEO in the first quarter of 2026.

“Appointment of the CEO is a very important activity…(the board) intend to make an announcement in the first quarter of 2026,” the company said at its results briefing. Former CEO Meg O’Neill left Woodside to take the top job at British oil major BP.

The results sent Woodside’s shares up 2.9% to A$27.890, their strongest level since early August 2024. The stock closed 2.6% higher.

Strong annual output from the Sangomar project in Senegal, its first full year of contribution, helped offset weaker crude prices and a jump in sales costs, supporting earnings despite a year‑on‑year profit decline.

The result underscores Woodside’s dependence on rising LNG demand and its growth push in North America, and comes as the company pushes ahead with its U.S. LNG expansion. This includes talks to sell down a 20% stake in its Louisiana project, a key pillar to its North American expansion strategy.

“The market views the potential sale of another 20% stake in the Louisiana LNG holding company as a smart way to monetise a high-quality asset, while at the same time, de-risking the balance sheet,” said Tim Waterer, chief market analyst at KCM Trade.

Woodside said its Scarborough energy project is 94% complete as of end-December, and remains on track for first LNG in the fourth quarter of 2026.

The company reported an underlying net profit after tax of $2.65 billion for the year ended December 31, above Visible Alpha consensus of $2.54 billion, but down from the $2.88 billion profit a year earlier.

Woodside also sounded optimistic on the long‑term outlook for LNG and oil, arguing that LNG demand will continue to rise as rapidly growing Asian economies diversify energy sources and move toward lower‑emission fuels.

The Australian firm declared a final dividend of 59 cents per share, compared with 53 cents last year.