By Ayomide Otitoju
British energy giant BP has named Meg O’Neill as its new chief executive, effective April, replacing Murray Auchincloss, who stepped down on Thursday. Carol Howle will serve as interim CEO until O’Neill transitions from her role as chief executive of Australia’s Woodside Energy.
O’Neill becomes the first woman to lead a major oil company, joining the ranks of Shell, ExxonMobil, Chevron, and TotalEnergies. She is also the first external candidate in BP’s 116-year history to be appointed CEO. The American executive spent 23 years at ExxonMobil before joining Woodside Energy in 2021.
The leadership change comes as BP pivots back toward its core oil and gas business while scaling back clean energy investments. BP Chair Albert Manifold said O’Neill’s “proven track record of driving transformation, growth, and disciplined capital allocation makes her the right leader” to advance the company’s vision of becoming “simpler, leaner, and more profitable.”
O’Neill stated she plans to “accelerate performance, advance safety, drive innovation and sustainability, and do our part to meet the world’s energy needs,” adding that BP has significant potential to re-establish market leadership.
BP reported a sharp rise in third-quarter net profit in November, with earnings reaching $1.16 billion for July–September, up from $206 million a year earlier, boosted by higher oil output and cost-cutting despite lower crude prices.
Auchincloss, who had served with BP for more than three decades, said he was stepping down to allow a new leader to accelerate the delivery of BP’s strategy.
Analysts note that the sector continues to prioritize maximizing revenue from fossil fuels despite weakening energy prices and geopolitical uncertainties. Derren Nathan, head of equity research at Hargreaves Lansdown, observed that BP is often viewed as a potential acquisition target amid ongoing consolidation in the industry.
Following the announcement, BP’s shares edged up 0.1 percent in early London trading, mirroring gains in the FTSE 100 index.
