LONDON — BP has appointed Meg O’Neill as its new chief executive, making her the first woman to lead any of the world’s top five major oil companies, as the British energy giant moves to refocus its strategy on traditional oil and gas operations.
O’Neill will assume the role on April 1, succeeding Murray Auchincloss, who is stepping down as chief executive and board director. Auchincloss will continue to serve the company in an advisory capacity until December 2026, BP said.
Until O’Neill formally takes office, Carol Howle, BP’s executive vice president for supply, trading and shipping, will serve as interim chief executive.
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O’Neill currently leads Australia-based Woodside Energy and brings more than two decades of experience from Exxon Mobil, where she held senior leadership positions across upstream and strategic roles. Her appointment comes at a pivotal moment for BP as it seeks to reverse years of underperformance relative to rivals such as Exxon Mobil and Shell, with both its share price and earnings lagging peers in recent years.
The leadership change marks BP’s second chief executive transition in just over two years, underscoring the pressure on the company to restore profitability and investor confidence. Earlier this year, BP announced a significant strategic pivot, scaling back billions of dollars in planned renewable energy investments and shifting its focus back toward its core oil and gas business.
As part of the revised strategy, BP has pledged to divest $20 billion in assets by 2027, while also reducing debt and cutting costs to strengthen its balance sheet.
“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,” BP chairman Albert Manifold said in a statement.
O’Neill’s appointment signals BP’s intent to underline operational discipline while navigating the evolving global energy landscape, balancing shareholder returns with long-term transition goals.
