Woodside Energy chief executive Meg O’Neill has resigned from her role with immediate effect, to take up the CEO position at BP.
Woodside Energy chief executive Meg O’Neill has resigned from her role with immediate effect, to take up the CEO position at BP.
Ms O’Neill has led Woodside since 2021, overseeing the company’s acquisition of BHP’s petroleum assets and the development of its Scarborough gas project among other things.
Woodside’ Australian executive vice president and chief operating officer Liz Westcott will step in as acting CEO effective today.
Woodside CEO Richard Goyder congratulated Ms O’Neill on her new appointment in a statement from the Perth-headquartered gas giant this morning.
“The board’s appointment of Meg as CEO in 2021 set the foundation for Woodside’s transformational growth over recent years,” he said.
“This strong business performance has been translated into approximately $11 billion in dividends paid to shareholders since 2022, and a growth trajectory which is expected to deliver significant value.
“Meg leaves Woodside in a strong position, having led the company through the merger with BHP Petroleum, final investment decision on the Scarborough energy project, startup of the Sangomar project, final investment decision for the Louisiana LNG project, the Beaumont New Ammonia acquisition, introduction of a number of high quality partners in those projects and continued high performance across Woodside’s global operations portfolio.”
Among the top paid executives in the state, Ms O’Neill will continue to receive benefits in accordance with her contract until the end of a gardening leave period at the end of March.
Ms O'Neill was in line for more than $8 million worth of remuneration this year. She will not be entitled to any FY2025 performance rights or incentives.
Ms O'Neill's public facing role made her a target in WA for opponents of the fossil fuel industry, and in 2024 her home was targeted by four activists who pled guilty to trespass and criminal damage in a subsequent criminal trial.
The Woodside CEO has also been a vocal critic of Australia's regulatory settings, having steered the gas producer through a lengthy approvals process to extend the life of its Karratha gas plant through to 2070.
The approval was granted with conditions in September.
At BP, she wiill join a UK-based organisation which pivoted its business away from renewables and back towards oil and gas earlier this year in an unprecedented move.
BP's WA footprint diminished greatly with that decision, most notably at the $55 billion Australian Renewable Energy Hub, where it walked away from its lead stake.
Like Ms O’Neill, Ms Westcott is an ExxonMobil alumni who has quickly climbed the ranks at Woodside since joining the organisation in 2023.
Mr Goyder said she was a strong candidate for the interim role, and that recruitment would begin immediately for a full-time replacement.
“The board’s ongoing focus on CEO succession planning means Woodside is fortunate to have 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.”
Ms Westcott will be paid an annual salary $1.8 million as acting CEO of Woodside.
