BP has named Meg O’Neill as its next chief executive, making her the first woman to run a major global oil company. The London-based energy group said O’Neill will take over on 1 April, following the departure of current chief executive Murray Auchincloss less than two years after he assumed the role.
Leadership transition at BP
BP said Auchincloss will step down after replacing Bernard Looney, who was dismissed after being found to have committed “serious misconduct” by failing to disclose personal relationships with colleagues. Until O’Neill formally takes up the post, BP executive vice president Carol Howle will serve as interim chief executive.
Auchincloss, who took over from Looney in September 2024, said he had informed BP’s chairman at that time that he was open to stepping aside “were an appropriate leader identified”. He said BP was now “well positioned for significant growth” and that he looked forward to observing the company’s progress. BP said Auchincloss will remain in an advisory role until December 2026.
Looney was dismissed without notice and forfeited up to £32.4m ($43.3m) in salary and benefits after admitting he had not been “fully transparent” about past personal relationships. BP’s board said it had been “knowingly misled” by Looney. At the time, Looney said he was “disappointed with the way this situation has been handled”.
O’Neill’s background and track record
O’Neill has led Australian energy company Woodside Energy since 2021. BP highlighted her tenure there, pointing to Woodside’s 2022 takeover of BHP Petroleum International and noting that the company became the largest energy firm listed on the Australian Securities Exchange during her leadership.
Before joining Woodside, O’Neill spent 23 years at Texas-based ExxonMobil, where she held technical, operational, and senior leadership positions. In comments released by BP, O’Neill said she looks forward to helping the company “do our part to meet the world’s energy needs”. She said her priorities would include re-establishing BP’s market leadership, improving safety, and advancing innovation and sustainability.
Strategic context for the appointment
O’Neill’s appointment comes as BP is reducing its renewable energy investments and increasing its focus on oil and gas production. In February, the company said it would adjust its strategy following pressure from some investors who were frustrated that BP’s profits and share price had lagged behind those of rivals.
Other major energy companies have taken similar approaches. Rivals Shell and Norway-based Equinor have also scaled back plans to invest in green energy, while US President Donald Trump’s call to “drill baby drill” has encouraged firms to invest more heavily in fossil fuels.
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