Since then, Auchincloss has led a “hard reset” to cut costs, double down on fossil fuels, and take several steps back from its ambitious renewable energy goals. BP was targeted by activist investor Elliott Investment Management, which took a nearly 5% stake in the company early this year, as the Shell merger rumors escalated.
O’Neill will take over as CEO on April 1. In the meantime, Carol Howle, current executive vice president of supply, trading, and shipping, will serve as interim CEO.
“Following a comprehensive succession planning process, the board believes this transition creates an opportunity to accelerate our strategic vision to become a simpler, leaner, and more profitable company,” Manifold said in a statement. “Progress has been made in recent years, but increased rigor and diligence are required to make the necessary transformative changes to maximize value for our shareholders.”
Translation: Auchincloss was making progress but not doing enough to truly turn the company around.
Manifold said O’Neill has a “proven track record of driving transformation, growth, and disciplined capital allocation [that] 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.”
O’Neill worked for more than two decades at Exxon Mobil, serving in various countries around the world and as executive advisor to former CEO Rex Tillerson. She left as a vice president in 2018 to become chief operating officer at Woodside, rising to CEO in 2021 coming out of the pandemic.
“With an extraordinary portfolio of assets, BP has significant potential to reestablish market leadership and grow shareholder value,” O’Neill said in a statement. “I look forward to working with the BP leadership team and colleagues worldwide to accelerate performance, advance safety, drive innovation and sustainability, and do our part to meet the world’s energy needs.”
At Woodside, she led the acquisition of Australia’s BHP Petroleum and, most recently, the purchase of Houston-based natural gas exporter Tellurian last year. Woodside is currently building a $17.5 billion export facility in Louisiana.
Earlier this year, when BP-Shell rumors escalated, Shell in June doubled down on its denials, even invoking a U.K. law that forbade it from bidding on BP for six months. That period expires in just a few days.
For its part, Woodside is naming Liz Westcott, executive vice president and COO Australia, as its interim CEO.
