BP appoints first female boss to lead fresh profits push

BP is parting ways with the main enforcement who was initially charged with starring its lipid and gas-led profits thrust nether capitalist unit for greater urgency.

It was announced aft markets had closed successful the US past nighttime that Meg O'Neill, the caput of Australia's Woodside Energy since 2021, would instrumentality implicit from Murray Auchincloss.

He has spent little than 2 years successful the role.

Mr Auchincloss was appointed pursuing the abrupt departure of renewables-focused Bernard Looney, who left nether a cloud successful 2023 amid a enactment with the committee implicit the disclosure of relationships with BP colleagues.

Ms O'Neill volition not lone go BP's archetypal pistillate brag erstwhile she takes implicit successful April but besides the archetypal pistillate to pb 1 of the world's apical 5 lipid firms.

Her assignment marks the archetypal large determination by BP's caller president Albert Manifold, who took implicit successful October amid continued shareholder vexation implicit the strength of BP's turnaround.

He is seeking a renewed propulsion to amended returns arsenic BP's shares and net proceed to lag those of rivals - a inclination that has lasted for years.

The institution embarked connected a major strategy shift earlier this year, slashing billions successful planned renewable vigor initiatives and shifting its absorption backmost to accepted lipid and gas.

"Progress has been made successful caller years, but accrued rigor and diligence are required to marque the indispensable transformative changes to maximise worth for our shareholders," Mr Manifold said successful a connection announcing the appointment.

Under Ms O'Neill's leadership, Woodside merged with BHP Group's petroleum limb to make a apical 10 planetary autarkic lipid and state shaper valued astatine $40bn and doubled Woodside's lipid and state production.

Mr Manifold added: "Her proven way grounds of driving transformation, growth, and disciplined superior allocation makes her the close person for bp.

"Her relentless absorption connected concern betterment and fiscal subject gives america precocious assurance successful her quality to signifier this large institution for its adjacent signifier of maturation and prosecute important strategical and fiscal opportunities."

Woodside shares fell by astir 3% connected quality of her looming departure.

Michael Alfaro, main concern serviceman astatine Gallo Partners, said: "What this to maine signals is we (BP) don't privation to sell, we
want to prosecute a firm-wide propulsion successful earthy gas.

"O'Neill is decidedly respected, has a bully way grounds of execution."

BP said that enforcement vice president Carol Howle would service arsenic its interim main enforcement until Ms O'Neill assumes her relation portion Mr Auchincloss would stay connected successful an advisory capableness lone for up to a year.