British Petroleum has appointed Meg O’Neill, current CEO of Australia’s Woodside Energy, as its next chief executive officer, effective April 1, 2026. She succeeds Murray Auchincloss, who stepped down on December 18, 2025, and will remain as an adviser until the end of next year to ensure a smooth transition. O’Neill’s appointment is historic: she is both BP’s first external CEO hire and its first woman to lead one of the world’s top five oil majors.
O’Neill brings over 23 years of experience at ExxonMobil, where she held various leadership roles, and has been Woodside’s CEO since 2021. At Woodside, she expanded the company’s global presence and oversaw major transactions, including the acquisition of BHP Petroleum International. BP’s board highlighted her “proven track record of driving transformation, growth, and disciplined capital allocation” as a key reason for her selection. Until O’Neill takes over, Carol Howle, BP’s Executive Vice President for Supply, Trading and Shipping, will serve as interim CEO.
The leadership change comes at a critical time as BP repositions itself toward traditional oil and gas, scaling back earlier renewable energy investments. The company plans to divest around $20 billion in non-core assets by 2027 and increase oil and gas production to improve profitability. The strategic shift is in part a response to shareholder pressure, particularly from activist investors such as Elliott Investment Management, who have pushed for stronger financial performance.
The market responded positively to the announcement. BP shares saw modest gains, while Woodside’s stock dipped following news of O’Neill’s departure. Analysts note that her operational expertise and deep knowledge of the oil and gas sector are expected to help BP navigate the competitive global energy market, where demand for fossil fuels remains strong despite the ongoing energy transition.
O’Neill’s appointment showcases BP’s intent to combine experienced leadership with financial discipline. The move signals a pragmatic approach, focusing on profitability and shareholder value, while balancing the company’s long-term energy transition goals. Observers see this as a significant step in shaping BP’s future amid a dynamic energy landscape, with O’Neill poised to lead the company into a new era of growth and operational focus.
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