Meg O’Neill will become BP’s CEO from 1 April 2026 after Murray Auchincloss’ abrupt departure today.
Carol Howle, current Executive Vice-President, Supply, Trading & Shipping, will serve as interim CEO until April. Auchincloss will serve in an advisory role until December 2026.
O’Neill, currently CEO of Woodside Energy, oversaw the acquisition of BHP Petroleum International. Before joining Woodside Energy in 2018, she spent 23 years at ExxonMobil in technical, operational and leadership positions.
Albert Manifold, Chair of BP, said her “relentless focus” on business improvement will prepare the multinational firm for its next growth phase.
“The board believes this transition creates an opportunity to accelerate our strategic vision to become a simpler, leaner, and more profitable company,” he said.
Auchincloss said after more than three decades with BP, now is the right time to hand the reins to a new leader, and despite the announcement taking the markets by surprise, insisted it has been in his plans.
“When Albert became Chair (in July), I expressed my openness to step down were an appropriate leader identified who could accelerate delivery of bp’s strategy,” he said.
Auchincloss, who took over as CEO from Bernard Looney last year, was responsible for a fundamental reset of BP’s strategy, scaling back some ambitious low-carbon energy investments and increasing focus on oil and gas production to boost returns and compete with rivals.
Despite the strategic changes, BP’s share price performance lagged its rivals, and the stock was 16% lower at the end of his first year as permanent CEO than at the start. This underperformance led to criticism and pressure from activist investors such as Elliott.
BP recently pulled out from the H2Teesside blue hydrogen project in a fresh set back to the UK’s hydrogen industry and government’s net zero push.
BP exited the Australian Renewable Energy Hub (AREH) in Pilbara, Australia, in July, as it pivoted to fossil fuels.
Alongside the merger with BHP Petroleum, Woodside Energy said O’Neill led the company to final investment decision (FID) on the Scarborough Energy Project, startup of the Sangomar Project, FID for the Louisiana LNG Project, and the Beaumont New Ammonia acquisition, among others.
The Woodside board has appointed Liz Westcott as Acting CEO from today. Previously Chief Operating Officer at Energy Australia, she has had a 25-year career at ExxonMobil working in Australia, the UK and Italy.