Beach Energy replaces CEO with Santos exec

The news: Beach Energy has appointed Santos's Brett Woods as its new chief executive, replacing Morne Engelbrecht after he spent less than 15 months in the role. Mr Engelbrecht will step down immediately, with non-executive director Bruce Clement acting as CEO until Mr Woods takes the reins on 21 February 2024.

The numbers: Beach shares closed down 0.3% to $1.66 after falling as much as 3% in early trading. Mr Woods will earn a fixed salary of $1.35 million.

The context: While Beach's production and sales revenue lifted in the June quarter this year, annual production is down 10.5% on 2022 and sales revenue has dropped 7.5% to $1.6 billion. Beach will announce its full-year results on Monday.