Oil and gas giant BP has announced the appointment of its new CEO Meg O’Neill, Meg O’Neill, the head of Australia’s Woodside Energy, which will be effective on April 1 after the sudden departure of Murray Auchincloss.
O’Neill will be the first external hire into the company as BP head, a feat that has taken the company over a century of its existence, and the first woman to lead any of the five biggest oil majors in the world.
The second change of the CEO in less than two years indicates that the British oil giant is pursuing a fresh drive to enhance its performance after the shares and profits of the company had continuously been trailing behind the competitors, such as Exxon Mobil and Shell.
Earlier this year, the company initiated a significant change of strategy, cutting billions of investments and projects in renewable energy and returning to oil and gas.
In a statement, BP Chair Albert Manifold, who took on the position in October, said that “Progress has been made in recent years, but increased rigor and diligence are required to make the necessary transformative changes to maximize value for our shareholders.”
‘HIGH-PROFILE HIRE’ O’Neill, an American who is based in Boulder, Colorado, has been heading Woodside since 2021 and spent 23 years at Exxon Mobil.
During her tenure, Woodside was acquired by BHP Group’s petroleum division to become the 10th largest independent oil and gas producer in the world, with a valuation of up to $40 billion, and doubled the oil and gas production of Woodside.
Chief Investment Officer at Pickering Energy Partners, Dan Pickering, added that “This is clearly a high-profile hire, and probably some of the change that BP shareholders have been looking for.”
However, BP’s Executive Vice President, Carol Howle, will serve as interim CEO until O’Neill assumes the position; therefore, Auchincloss will depart the company on Thursday.
It was not publicly announced that the company was in the process of searching for his successor until the company announced his departure on Wednesday.
Auchincloss became CEO in 2024, replacing Bernard Looney, who resigned for lying about personal relationships with colleagues. Following a disastrous venture into renewables under Looney, BP has promised to make more profit and reduce expenditures, switching investment to oil and gas.
BP in August initiated a review of the best way to develop and monetize its oil and gas production assets. Upon the arrival of Manifold to his post, he demanded a further restructuring of the BP portfolio towards maximizing profit.
Activist investor Elliott Investment Management, which is one of the largest shareholders in BP, called in July for him to urgently address the company’s shortcomings with “decisive and effective leadership.”
In another announcement, Woodside said that O’Neill was departing the Australian firm immediately and that it had established acting CEO Liz Westcott and was planning to declare a long-term role in the first quarter of 2026.
