Prime Highlights
· BP has appointed Meg O’Neill as its new chief executive officer, marking the first time a woman will lead a major global oil company.
· The leadership change comes as BP works to revive its business amid strategic challenges and pressure from activist investor Elliott Investment Management.
Key Facts
· O’Neill will assume the CEO role in April, replacing Murray Auchincloss, with Carol Howle serving as interim CEO during the transition.
· She joins BP from Woodside Energy Group, where she served as CEO since 2021 and led major acquisitions and LNG expansion projects.
Background
BP appointed Meg O’Neill as its new chief executive officer, marking a historic moment as she becomes the first woman to lead a major global oil company. The appointment comes as the London-listed energy producer works to revive its business after recent strategic and financial setbacks.
BP said on December 17 that O’Neill will take over the role in April, replacing Murray Auchincloss. Carol Howle will serve as interim CEO until the transition is complete. The leadership change follows mounting pressure from activist investor Elliott Investment Management, which has urged BP to improve returns and sharpen its focus.
In recent years, corporate mistakes, geopolitical challenges, weaker returns from renewable energy, and falling oil prices caused problems for the company. BP now focuses on oil and gas and sells assets to reduce debt and strengthen its balance sheet. So far, the company has made limited progress on major asset sales.
O’Neill steps into the role after serving as chief executive of Australia-based Woodside Energy Group since 2021. During her tenure, she led the multibillion-dollar purchase of BHP Group’s petroleum business and expanded Woodside’s liquefied natural gas operations outside Australia. She also supported the use of natural gas as a transition fuel to help reduce coal use and lower emissions.
Before joining Woodside, O’Neill spent more than two decades at Exxon Mobil, where she held several senior leadership roles. At Woodside, she also helped secure approvals to extend operations at Australia’s oldest gas export facility and advanced a major LNG project in the United States. Woodside shares rose about 10 per cent during her leadership, outperforming local peers.
BP has already made leadership changes this year, including appointing Albert Manifold as chairman in July. The company said O’Neill’s experience positions her to accelerate the delivery of BP’s strategy during a critical phase of its turnaround.
