Woodside boss quits to become BP's first female chief

Liz Westcott, Woodside's chief operating officer and executive vice president of Australian operations, will step in as acting chief executive.

Ms O'Neill will replace outgoing boss Murray Auchincloss on April 1, as BP continues its strategic reset focusing on increased oil and gas investment and a "disciplined" approach to the energy transition to address fluctuating shareholder returns.

"After more than three decades with BP, now is the right time to hand the reins to a new leader," Mr Auchincloss said in a statement.

"I am confident that BP is now well-positioned for significant growth and I look forward to watching the company's future progress and success under Meg's leadership."

While BP was right to focus on capital discipline and shareholder returns, Ms O'Neill was a strange choice under this context, according to Australasian Centre for Corporate Responsibility executive director Brynn O'Brien.

"Under O'Neill's leadership, Woodside has chased high-cost, marginal fossil fuel projects and not delivered satisfactory shareholder returns," he said.

Ms O'Neill had long been a target of climate activists, including four members of the Disrupt Burrup Hub group who were fined after plotting to vandalise her Perth home in a 2023 publicity stunt.

Disrupt Burrup Hub said Ms O'Neill had left Woodside in poor shape "with Browse gas now an absolute write-off and no new gas to fill the North West Shelf".

"We hope that Ms O'Neill enjoys her gardening leave," a spokesperson said.

"If she needs any help redecorating her mansion before she leaves for London, she should let us know."

Woodside has also copped flack from conservationists and traditional owners after a federal government decision to approve the 40-year extension for Woodside's North West Shelf project, located near ancient rock art at Murujuga.

Future generations would look upon companies like Woodside and BP as moral aberrations unless they truly committed to the renewable transition, Conservation Council of WA executive director Matt Roberts said.

"Woodside is a dirty fossil fuel producer that is destroying our planet, taking Australian resources without paying royalties, and posting poor returns for shareholders," Mr Roberts said.

The leadership shake-up would give Woodside an opportunity to turn over a new leaf, Market Forces head of Australian campaigns Brett Morgan said 

"Major Woodside investors must take this opportunity to demand the company end its oil and gas growth plans and stop gambling shareholder capital against global climate goals," Mr Morgan said.

Ms O'Neill joined Woodside as chief operations officer in 2018 after spending 23 years with ExxonMobil, later becoming chief executive in 2021.

The group's shares fell 2.7 per cent to $22.80 by 3pm on Thursday.

RBC Capital Markets analyst Gordon Ramsay sees Ms O'Neill's departure as a negative for Woodside, but said the company had a number of highly qualified internal candidates to replace her.

Ms Westcott's temporary appointment recognised her strong operating focus in her role, with both strong asset performance and new project execution critical delivery factors for Woodside, he added.

The acting chief will earn a $1.8 million salary, including superannuation and a higher duties allowance of $600,000 gross per year.

Formerly known as British Petroleum, BP is the world's fifth-biggest oil and gas producer with a market capitalisation of 66.5 billion pounds ($134.7 billion), compared to Woodside's roughly $47.3 billion.

Ms O'Neill will become BP's first female chief executive in its 116-year history.

An American who grew up in Boulder, Colorado, Ms O'Neil said she was honoured to be the company's next chief executive, but had mixed emotions about her departure.

"I am leaving a talented and dedicated team of people at Woodside, who have provided great support during my almost eight years at the company," she wrote on LinkedIn.