BP appoints Big Oil’s first female CEO in bid for revival
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Ms Meg O’Neill has been a big proponent of using gas as a transition fuel to reduce global coal demand and cut emissions.
PHOTO: REUTERS
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SYDNEY - BP appointed Ms Meg O’Neill as its new chief executive, making her Big Oil’s first female leader, as the producer struggles to revive its fortunes after a botched pivot toward renewable energy.
The American executive, who stepped down as leader of Australia-based Woodside Energy Group, will replace Mr Murray Auchincloss in April, London-listed BP said on Dec 17. Ms Carol Howle will serve as interim CEO.
The management shake-up comes as BP lags behind its rivals due to a combination of corporate disasters, war, lacklustre returns from its greener efforts and some bad luck – leading to pressure from activist investor Elliott Investment Management. The company’s turnaround effort, which focuses on oil and gas, risks being blown off course as crude prices slump to the lowest level since 2021.
Since becoming CEO of Woodside in 2021, Ms O’Neill helped complete the multibillion-dollar acquisition of BHP Group’s petroleum unit and expand its liquefied natural gas business outside of Australia. Ms O’Neill, who also spent more than two decades at ExxonMobil, has been a big proponent of using gas as a transition fuel to reduce global coal demand and cut emissions.
BP has been under pressure from Elliott to improve its performance, after Mr Auchincloss reset the company’s strategy in February by promising to refocus on oil and gas. The plan features portfolio divestments to reduce debt and improve the balance sheet, but the company has so far announced only small asset sales.
BP in July named Mr Albert Manifold chairman after the pressure from Elliott. Following that, Mr Auchincloss said he was open to step down “were an appropriate leader identified who could accelerate delivery of BP’s strategy”.
While at Woodside, Ms O’Neill brokered a takeover of a proposed US LNG plant in Louisiana and won approval to keep its oldest Australian gas export facility operating through 2070. Shares of the company have increased about 10 per cent since she was appointed in August 2021, outpacing local rivals.
Woodside shares fell as much as 2.6 per cent to A$22.81 on Dec 18, after news of her move.
Ms Liz Westcott will be acting CEO of Woodside, the Australian producer said in a separate statement. BLOOMBERG
