BP has made a significant announcement regarding its leadership, appointing Meg O’Neill as the new chief executive, marking a historic moment as she becomes the first woman to lead a major global oil company. This transition follows the resignation of Murray Auchincloss, who stepped down after less than two years in the role, having taken over from Bernard Looney amid a scandal surrounding Looney’s failure to disclose personal relationships with colleagues.
Effective April 1, O’Neill, who has been at the helm of Australia’s Woodside Energy since 2021, will take over as CEO. In the interim, Carol Howle, currently serving as BP’s executive vice president, will lead the company until O’Neill officially steps into her position. Commenting on her new role, O’Neill expressed enthusiasm about the opportunity to contribute to BP’s mission of meeting the world’s energy needs while navigating the complexities of the energy market.
Auchincloss indicated to BP’s chairman in September that he was open to stepping down if a suitable successor was identified. Prior to O’Neill’s appointment, Auchincloss highlighted BP’s preparedness for significant growth and expressed his eagerness to witness the company’s future trajectory. Following his departure, he will assume an advisory role until December 2026.
O’Neill plans to prioritize the restoration of BP’s position as a market leader while emphasizing safety, innovation, and sustainability. Her prior experience at Woodside Energy, where she oversaw the successful acquisition of BHP Petroleum International in 2022 and expanded the company to become the largest energy entity on the Australian Securities Exchange, was cited as a key factor in her selection.
Before her leadership at Woodside, O’Neill accumulated 23 years of diverse experience with ExxonMobil, where she held various technical and operational roles. This extensive background positions her well to navigate the challenges ahead for BP.
The backdrop of O’Neill’s appointment is significant, as BP is pivoting away from its previous renewable energy ambitions in response to investor pressures related to profitability. Recent strategic shifts signal a renewed focus on increasing oil and gas output, a move mirrored by rivals such as Shell and Equinor, who have also tempered their investments in green energy initiatives. Influential voices, including former US President Donald Trump, have contributed to this resurgence in fossil fuel investment, reinforcing the ongoing debates surrounding energy transition and sustainability in the current economic landscape.
