Woodside Energy boss Meg O’Neill quits to lead global oil giant BP

Woodside Energy chief executive Meg O’Neill has quit Australia’s biggest oil and gas group to lead global giant BP.

In a shock announcement on Thursday, Woodside said the American-born boss had been put on gardening leave until March and would be temporarily replaced by the $44 billion company’s head of Australian operations, Liz Westacott, until a permanent successor is appointed in the March quarter next year.

Ms O’Neill has led Woodside since April 2021, committing it to the $16 billion development of the Scarborough gas field off north-west WA and guiding the group through its 2021 merger with BHP Petroleum.

Her sudden exit comes at a sensitive time for Woodside, with Scarborough nearing completion and due online next year, and the group expanding into the US to reduce its reliance on Australia.

Woodside shares opened 1.7 per cent lower at $23.02.

Woodside chair Richard Goyder said the company’s succession planning ensured it had “a number of highly qualified internal candidates as we also assess external talent options to ensure the best possible CEO appointment”.

“We are well positioned to conclude this process efficiently with the intention of announcing a permanent appointment in the first quarter of 2026,” he said.

As is customary, Ms O’Neill’s unvested performance rights and restricted shares for prior years will lapse given her departure from the $8.4 million top job at Woodside, but she leaves with $4m in shares.

London-based BP simultaneously announced chief executive Murray Auchincloss had stepped down with immediate effect ahead of the arrival of Ms O’Neill in April.

It said Ms O’Neill’s “proven track record of driving transformation, growth, and disciplined capital allocation makes her the right leader for BP”.

“Her relentless focus on business improvement and financial discipline gives us high confidence in her ability to shape this great company for its next phase of growth and pursue significant strategic and financial opportunities,” it said.

Mr Goyder said Ms O’Neill had made a significant contribution to Woodside since taking over 4½ years ago from Peter Coleman, who recruited her as chief operations officer from ExxonMobil in May 2019.

“This strong business performance has been translated into approximately $11b in dividends paid to shareholders since 2022, and a growth trajectory which is expected to deliver significant value,” Mr Goyder said.

“Meg leaves Woodside in a strong position,” he said, citing the BHP Petroleum merger, the final investment decision on Scarborough, the startup of the Sangomar oil project off Senegal and recent go-ahead for the Louisiana LNG project in the US.

Ms Westacott’s temporary appointment “provides strong continuity for our business and its people”, he said..

“Woodside’s priorities for 2026 are clear. Liz and her team will focus on safe and efficient operations, execution of major projects and retaining an unwavering focus on staying the strategic course laid out most recently at Woodside’s capital markets day.”

A native of Boulder, Colorado, Ms O’Neill studied ocean engineering, graduating with a Masters of Science from the Massachusetts Institute of Technology in 1994 before joining Exxon in Houston. Over the next 25 years she filled a series of increasingly senior roles in countries including Canada, Norway and Indonesia.

Ms Westacott also worked with ExxonMobil, her career with the group spanning 25 years in Australia, Britain and Italy. She joined Woodside in June 2023.