BP appoints Meg O'Neill as new CEO as Auchincloss steps down

BP has named Meg O’Neill as its new chief executive, making her the first woman to lead a major global oil company, as current CEO Murray Auchincloss prepares to step down less than two years into the role.

The London-based energy giant said Auchincloss would leave after replacing Bernard Looney, who was dismissed in 2023 for serious misconduct related to failing to disclose personal relationships with colleagues.

O’Neill, who currently heads Australian oil and gas producer Woodside Energy, is expected to continue BP’s recent shift away from renewables and refocus on its core oil and gas operations. She said she looked forward to helping BP meet the world’s energy needs.

Her appointment comes just three months after BP named Albert Manifold as its new chairman, signalling a broader leadership reset. In February, BP announced a strategic shift following pressure from investors unhappy with the company’s weaker profits and share price compared with rivals.

Industry peers such as Shell and Equinor have also scaled back green investment plans, while US President Donald Trump’s push for increased fossil fuel production has encouraged renewed focus on oil and gas.

Analysts said the leadership change reflects a desire to sharpen BP’s strategy and boost performance. Investors have also raised concerns that BP could become a takeover target if profitability does not improve.

Market reaction was subdued, with BP shares giving up early gains in London trading. O’Neill said her priorities would include restoring BP’s market leadership, improving safety, and driving innovation and sustainability.

BP highlighted O’Neill’s track record at Woodside, including its acquisition of BHP Petroleum International in 2022, which helped make Woodside the largest energy firm listed in Australia. Before joining Woodside, she spent 23 years at ExxonMobil.

BP executive vice president Carol Howle will act as interim CEO until O’Neill takes up the role on 1 April. Auchincloss will remain in an advisory position until December 2026.