BP, one of the world’s largest energy companies, has announced the appointment of Meg O’Neill as its new chief executive, making her the first woman to lead a major global oil firm. The move comes as the London-based oil and gas giant seeks to refocus its strategy under fresh leadership after a turbulent period of management changes.

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Leadership Shake-Up at BP

Current CEO Murray Auchincloss will step down after less than two years in the role. Auchincloss succeeded Bernard Looney, who was dismissed in 2023 following revelations of “serious misconduct” regarding undisclosed personal relationships with colleagues. Looney forfeited up to £32.4 million ($43.3m) in salary and benefits after admitting he had not been fully transparent.

BP’s board stated that it had been “knowingly misled” by Looney, prompting a complete overhaul of the company’s leadership. Auchincloss, who had attempted to implement strategic changes, reportedly agreed to step aside once a suitable replacement was identified.

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Meg O’Neill: First Female CEO of a Global Oil Major

Meg O’Neill currently serves as CEO of Australian oil and gas company Woodside Energy, where she led the company’s acquisition of BHP Petroleum International in 2022 and grew Woodside into the largest energy firm on the Australian Securities Exchange.

O’Neill will officially take over as BP CEO on 1 April 2026, with BP executive vice president Carol Howle serving as interim chief executive until then.

O’Neill brings more than 23 years of experience from technical, operational, and leadership roles at ExxonMobil in the United States, positioning her as a seasoned leader capable of navigating BP through a challenging energy landscape.

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Strategic Direction Under O’Neill

Under O’Neill, BP is expected to re-emphasize its core oil and gas business, shifting focus away from some renewable energy investments, in line with investor pressure to improve profitability.

She stated that she looks forward to helping BP “do our part to meet the world’s energy needs”, while prioritizing market leadership, safety, innovation, and sustainability.

Energy consultant Robin Mills noted that O’Neill’s appointment signals a strategic pivot: “The new chairman has decided to put his stamp on things. More was needed than what Auchincloss could deliver. New leadership and fresh blood were required.”

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Market and Investor Reaction

BP shares initially opened higher in London following the announcement but later returned to Wednesday’s closing price, reflecting muted investor response. Analysts emphasize that O’Neill faces significant challenges, including maintaining BP’s independence amid industry consolidation and ensuring the company’s profitability to avoid becoming a takeover target.

Derren Nathan, head of equity research at Hargreaves Lansdown, commented:

“Consolidation is the talk of the town, but BP is most frequently seen as prey rather than the hunter. O’Neill will need to boost profitability and market position to keep BP strong in a consolidating oil sector.”

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BP’s Recent Challenges

BP has faced several leadership upheavals in recent years:

• Bernard Looney dismissed in 2023 for misconduct.
• Murray Auchincloss took over in September 2024, stepping down after less than two years.
• Albert Manifold appointed chairman just three months prior to O’Neill’s selection.

These changes come amid investor pressure over BP’s profits and share price underperformance relative to rivals such as Shell and Equinor, both of which have recently scaled back renewable energy investments.

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Looking Ahead

Meg O’Neill’s leadership represents a historic milestone for the energy sector, as the first female CEO of a major international oil company. Her immediate priorities will include:

• Strengthening BP’s core oil and gas operations.
• Enhancing profitability and shareholder value.
• Advancing safety, sustainability, and innovation.
• Navigating the company through industry consolidation pressures.

Auchincloss will remain with BP in an advisory capacity until December 2026, supporting the transition to new leadership.

BP’s decision to appoint O’Neill reflects the company’s ambition to reassert its position as a global energy leader and signals a renewed focus on strategic growth in the oil and gas sector.