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BP has announced the appointment of Meg O’Neill as its new chief executive, marking her as the first woman to lead a major global oil company. The energy giant, headquartered in London, revealed that the current CEO, Murray Auchincloss, will step down after less than two years in the position. Auchincloss had taken over from Bernard Looney, who was removed following findings of “serious misconduct” related to undisclosed personal relationships with colleagues.
In the interim, BP executive vice president Carol Howle will serve as acting chief executive until O’Neill officially assumes the role on April 1. O’Neill joins BP with experience leading the Australian energy company Woodside Energy since 2021. In her statement after the appointment, she expressed enthusiasm for helping BP “do our part to meet the world’s energy needs.”
Auchincloss, who stepped up as CEO in September 2024, had informed BP’s chairman months earlier that he was willing to step down if a suitable successor was found. Following the announcement, he stated, “I am confident that BP is now well positioned for significant growth and I look forward to watching the company’s future progress.” Auchincloss will remain with BP in an advisory capacity until the end of 2026. Meanwhile, O’Neill indicated her focus will be on restoring BP’s leadership position in the market while emphasizing safety, innovation, and sustainability.
O’Neill’s track record at Woodside Energy was highlighted positively by BP, particularly noting the company’s acquisition of BHP Petroleum International in 2022. Under her leadership, Woodside grew to become the largest energy firm listed on the Australian Securities Exchange. Prior to her tenure at Woodside, O’Neill spent 23 years at ExxonMobil in various technical and leadership positions.
The dismissal of Bernard Looney was abrupt and resulted in him forfeiting up to £32.4 million ($43.3 million) in salary and benefits. BP’s board stated that they had been “knowingly misled” by Looney regarding his personal relationships. Looney expressed disappointment over how the situation was handled at the time.
O’Neill’s arrival at BP comes amid a strategic pivot from renewable energy investment toward increased oil and gas production. In February, BP announced a shift in focus following pressure from investors concerned about the company’s lagging profits and share price performance relative to competitors. Similar trends have been observed at rival companies such as Shell and Equinor. This shift has also been influenced by political factors such as former US President Donald Trump’s encouragement to “drill baby drill,” which has spurred renewed investment in fossil fuels
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