OPINION: Rob Wheals say he’s run his race. But the timing of his decision has left something of a mystery for the market to unravel.
At the same time, Wheals said no to staying at APA, announcing he wouldThe first decision will please many investors, who have questioned the wisdom of trying to crack a highly competitive market, where many of the world’s biggest energy companies and private capital firms are trying to solve the same climate conundrums Australia is facing.
“The intensity of being in the top job, the 24/7 nature of it, made more challenging by the energy market, running a business remotely during the COVID challenges – when I look at all that together, together with a really enjoyable 14 years, I feel like now’s the time,” he says. Fair enough. But what’s highly unusual here is the timing of this decision. APA shares are hovering just below record highs. APA’s earnings are growing nicely, and the company is in a good position to grab a slice of the tens of billions of dollars that will be required to make the energy transition work.
Fraser says Wheals’ decision was his own. But, with Wheals announcing his departure to the board, it was seen as prudent to announce it to the market ahead of the group’s results on Wednesday. Money is one; Fraser says that however high your estimate of the cost of the transition is, it will likely end up being many multiples of that.But Fraser also worries about social licence. First, the transition needs to keep consumers on side.
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