BP Plc has made a historic move by appointing Meg O’Neill as its next chief executive officer, marking a pivotal moment for both the company and the oil industry at large. O’Neill, a seasoned energy executive who has led Australia’s Woodside Energy since 2021 and spent over two decades at Exxon Mobil Corp., will take the helm of BP in April 2026. This appointment follows the abrupt departure of Murray Auchincloss, making O’Neill the first woman to lead a top-five oil major and BP’s first external CEO hire in over a century, according to Reuters.
The decision comes as BP grapples with a period of intense transformation and scrutiny. The British oil giant has struggled to keep pace with competitors like Exxon, particularly after a much-publicized and ultimately unsuccessful attempt to pivot toward renewables under former CEO Bernard Looney. In recent months, BP has reversed course, slashing billions in planned renewable energy initiatives and recommitting to its traditional oil and gas business. The company’s share performance and profitability have lagged behind industry peers, prompting growing frustration among investors and calls for dramatic change.
O’Neill’s appointment was announced on December 18, 2025, with BP stating she will officially assume her new role on April 1, 2026. In the interim, BP Executive Vice President Carol Howle will serve as acting CEO, ensuring a smooth transition as Auchincloss steps down. Auchincloss, who took over the chief executive role in 2024 after Looney’s dismissal, will remain as an advisor until December 2026. BP characterized O’Neill’s appointment as the result of long-term succession planning, though the company had not publicly announced a search for a new leader before the sudden announcement of Auchincloss’s departure.
O’Neill’s track record has been described as impressive by industry observers. During her tenure at Woodside, she oversaw a transformative merger with BHP Group’s petroleum arm, creating a global independent oil and gas producer valued at $40 billion. Under her leadership, Woodside doubled its oil and gas production and expanded into the U.S. market, particularly into onshore liquefied natural gas operations in Louisiana. Dan Pickering, chief investment officer at Pickering Energy Partners, told Reuters, “This is clearly a high-profile hire, and probably some of the change that BP shareholders have been looking for.”
Her focus on fossil fuels has been clear throughout her career. Before joining Woodside, O’Neill spent 23 years at Exxon Mobil, gaining experience in some of the world’s most complex energy markets. At Woodside, she was known for her operational discipline and strategic vision, qualities that BP’s board and investors hope will help steer the company through its current challenges.
The leadership shakeup at BP is more than just a personnel change—it’s a signal of the company’s evolving strategy. After years of promoting a green transition, BP has recently shifted its priorities. Earlier in 2025, the company announced a major strategy overhaul, cutting billions from its renewable energy investments and pledging to divest $20 billion in assets by 2027. Key among these is the planned sale of its Castrol lubricants unit, a move intended to reduce debt and streamline operations. During BP’s third-quarter earnings call, the company refrained from providing an update on the Castrol sale, leaving investors wondering about the future of this core asset.
Albert Manifold, who became BP’s chair in October 2025, has been vocal about the need for a deeper reshaping of BP’s portfolio. In a statement accompanying O’Neill’s appointment, Manifold said, “Progress has been made in recent years, but increased rigor and diligence are required to make the necessary transformative changes to maximise value for our shareholders.” He has faced pressure from activist investor Elliott Investment Management, one of BP’s largest shareholders, which has called for urgent action to address the company’s underperformance. According to a source familiar with Elliott’s thinking, the investment group views O’Neill’s hiring as a sign that BP is willing to act decisively and hopes she is prepared to deliver on cost cuts and divestments.
The reaction from the market was swift. BP shares rose 0.27% following the announcement, while Woodside’s stock fell as much as 2.9% after news of O’Neill’s departure. Despite this dip, Woodside’s stock has risen about 10% during her tenure, even as it has underperformed some rivals in relative terms.
Industry analysts are watching BP’s next moves closely. Michael Alfaro, chief investment officer at Gallo Partners, interpreted the appointment as a clear sign of BP’s renewed commitment to natural gas. “What this to me signals is we (BP) don’t want to sell, we want to pursue a firm-wide push in natural gas,” Alfaro commented. RBC analyst Biraj Borkhataria raised questions about the company’s strategic direction, asking, “We question whether this is set to change BP’s thinking once again on key strategic initiatives – should they defer the sale of Castrol? We think yes. Should they cut the buyback to zero and repair the balance sheet further? We think yes.”
Meanwhile, Woodside Energy has moved quickly to fill the leadership vacuum left by O’Neill’s exit, appointing executive Liz Westcott as acting CEO. The company said it intends to announce a permanent appointment in the first quarter of 2026, ensuring continuity as it continues to expand its global footprint.
O’Neill’s appointment is significant not only for BP but for the entire oil and gas industry. She is the first woman to lead a major oil company, breaking a long-standing glass ceiling in a sector historically dominated by men. Her rise to the top comes at a moment when the industry faces mounting pressure to balance profitability with environmental responsibility—a challenge that O’Neill, with her deep experience in both operational execution and strategic transformation, appears well positioned to tackle.
The coming months will be crucial for BP as O’Neill prepares to step into her new role. Investors, employees, and industry watchers will be looking for clear signals about the company’s future direction—whether it will double down on fossil fuels, revisit its renewable ambitions, or find a new balance between the two. One thing is certain: with Meg O’Neill at the helm, BP is entering a new chapter, one that promises to be closely watched by the entire energy world.
BP’s bold leadership change, set against a backdrop of strategic upheaval and industry transformation, has set the stage for a defining period in its long history. The company’s ability to execute on its new vision—and O’Neill’s capacity to lead it there—will determine not only BP’s fortunes but could shape the future of the global energy sector.
