Leadership change at a critical moment
BP has appointed Meg O’Neill, currently chief executive of Woodside Energy, as its next CEO, marking another leadership shift as the British oil major continues to refocus on its core business. O’Neill will formally assume the role on April 1, becoming BP’s fourth CEO in six years.
Current CEO Murray Auchincloss steps down with immediate effect after less than two years in the position. BP executive vice president Carol Howle will act as interim CEO during the transition period.
From energy transition ambitions back to core assets
The appointment reinforces BP’s move away from its earlier push to reinvent itself as a green energy champion. That strategy, driven under former CEO Bernard Looney, came under sustained investor pressure amid prolonged share price underperformance.
Auchincloss, who took over in early 2024, reversed course by prioritizing oil and gas operations, launching cost-cutting measures and refocusing capital allocation. Investors have broadly welcomed this approach, with BP shares rising more than 15% year to date and over 21% in the past five years.
O’Neill’s background and strategic focus
O’Neill brings more than 25 years of experience in the oil and gas sector, including over two decades at ExxonMobil. At Woodside, she oversaw major international expansion and the acquisition of BHP’s petroleum business, strengthening the company’s position in liquefied natural gas (LNG).
Analysts view her appointment as a clear signal that BP intends to double down on upstream energy and LNG, which many policymakers see as a transitional fuel due to its lower emissions profile compared with coal. O’Neill has repeatedly emphasized long-term demand visibility and customer priorities centered on reliability and affordability.
Market reaction and outlook
BP shares initially rose following the announcement before turning slightly lower, reflecting short-term uncertainty around execution rather than strategy. Analysts note that while leadership changes often revive takeover speculation, a major transaction appears less likely in the near term.
With Carol Howle serving as interim CEO and O’Neill set to take the helm in April, BP enters the next phase of its reset with a clearer strategic direction and a renewed emphasis on operational discipline and traditional energy assets.
