Woodside shares edge higher as Meg O’Neill prepares to take the top job at BP

The Woodside Energy Group Ltd (ASX: WDS) share price is moving slightly higher on Monday.

At the time of writing, Woodside shares are up 1.01% to $31.06.

The move comes as investors continue to reflect on the departure of former Chief Executive Meg O’Neill. She is preparing to take the top job at global energy giant BP plc (LON: BP).

Here’s what investors need to know.

Meg O’Neill’s potential pay package revealed

According to media reports, O’Neill could receive a pay package worth 11.7 million pounds (about $22 million) when she becomes BP’s Chief Executive.

The package reportedly includes a base salary of 1.6 million pounds, along with restricted share awards worth around 8.3 million pounds.

She may also receive performance-based incentives worth about 1.8 million pounds, with the compensation tied to company performance targets over the coming years.

A large portion of the package is designed to replace remuneration she forfeited when leaving Woodside.

Reports indicate more than 85% of the awards will be delivered in shares, aligning O’Neill’s interests with BP shareholders.

The incentives are expected to vest over the coming years.

From Woodside to global oil major

O’Neill served as Woodside’s Chief Executive from 2021 until late 2025.

She joined the company in 2018 after previously holding senior leadership roles at ExxonMobil.

During her time as CEO, Woodside completed the merger with BHP Group Ltd (ASX: BHP)’s petroleum business, creating one of the largest independent oil and gas producers listed on the ASX.

The company also advanced major developments, including the Scarborough gas project and Pluto Train 2, which are expected to support Woodside’s future production growth.

O’Neill stepped down from the role after being appointed as BP’s next Chief Executive.

She is expected to formally take over leadership of the 117-year-old energy giant in April 2026, becoming the first woman to lead the company.

Woodside continues leadership transition

Following O’Neill’s departure, Woodside appointed Liz Westcott as acting Chief Executive while the board conducts a global search for a permanent replacement.

Westcott joined Woodside in 2023 and previously served as Executive Vice President and Chief Operating Officer for Australian operations.

The company has indicated it will consider both internal and external candidates as part of the selection process.

Woodside has stated its aim is to appoint a permanent Chief Executive during 2026.

Oil market tensions remain in focus

Beyond the leadership transition, investors are also watching developments in global energy markets.

Oil prices have risen in recent weeks as tensions escalate in the Middle East following the conflict involving the United States and Iran.

Higher crude prices have been supporting earnings for Woodside and other major oil producers across the sector.

As a result, the Woodside share price has surged around 30% year to date.

The post Woodside shares edge higher as Meg O’Neill prepares to take the top job at BP appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended BP. The Motley Fool Australia has recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.