BP has named Meg O’Neill, the head of Australia’s Woodside Energy, as its new chief executive officer, effective April 1, following the sudden departure of Murray Auchincloss. O’Neill becomes BP’s first CEO appointed from outside the company in its more than 100-year history and the first woman to lead any of the world’s five largest oil majors. The appointment comes as the British energy giant seeks to reinvigorate its business after years of underperforming against competitors such as Exxon Mobil and Shell.
The leadership change is the second in just over two years and signals a renewed focus on improving profitability and operational performance. Earlier this year, BP pivoted away from some planned renewable energy investments, redirecting resources toward traditional oil and gas. BP Chair Albert Manifold, who assumed his role in October, emphasized the need for heightened rigor and diligence to implement transformative changes and maximize shareholder value.
O’Neill, an American from Boulder, Colorado, has led Woodside since 2021 and previously spent 23 years at Exxon Mobil. Under her guidance, Woodside merged with BHP Group’s petroleum arm, creating a top 10 global independent oil and gas producer valued at $40 billion and doubling Woodside’s oil and gas output. Analysts have hailed her appointment as a “high-profile hire” likely to address longstanding shareholder concerns about BP’s strategic direction.
Carol Howle, BP’s executive vice president, will serve as interim CEO until O’Neill takes over, while Auchincloss will depart the company immediately. His tenure, beginning in 2024, followed the resignation of Bernard Looney, who stepped down amid personal controversies. Looney’s tenure saw an ambitious but ultimately unsuccessful push into renewables, leaving BP to refocus on core oil and gas operations.
BP has recently undertaken a portfolio review to optimize and monetize its oil and gas assets, responding to pressure from activist investor Elliott Investment Management to deliver decisive leadership and stronger financial performance. Meanwhile, Woodside confirmed O’Neill’s immediate departure and appointed executive Liz Westcott as acting CEO, with a permanent successor expected to be named in the first quarter of 2026.
O’Neill’s appointment represents a historic milestone for BP and the global oil industry, combining the first external CEO hire with a renewed emphasis on operational efficiency and profitability as the company navigates a challenging energy landscape.
