BP appoints Meg O’Neill as new CEO, Murray Auchincloss steps down

BP has announced the appointment of Meg O’Neill as its next CEO, effective 1 April 2026, marking a major leadership transition at the UK-listed energy major.

The company said current CEO Murray Auchincloss stepped down from his role and from the board on Thursday, 18 December.

Carol Howle, bp’s executive vice president for supply, trading and shipping, will serve as interim CEO until O’Neill formally takes up the role. Auchincloss will remain in an advisory capacity until December 2026 to support a smooth handover.

O’Neill joins bp from Woodside Energy, where she has served as CEO since 2021. During her tenure, Woodside grew into the largest energy company listed on the Australian Securities Exchange. She also led the transformational acquisition of BHP Petroleum International, creating a geographically diversified portfolio of oil and gas assets.

Before joining Woodside in 2018, O’Neill spent 23 years at ExxonMobil, holding a range of technical, operational and senior leadership roles across the US, Canada, Indonesia and Norway.

bp chair Albert Manifold said the board was confident O’Neill was the right leader to guide the company into its next phase.

“We are delighted to welcome Meg O’Neill to the bp team. Her proven track record of driving transformation, growth and disciplined capital allocation makes her the right leader for bp,” Manifold said.

“Her relentless focus on business improvement and financial discipline gives us high confidence in her ability to shape this great company for its next phase of growth and pursue significant strategic and financial opportunities.”

Manifold said the leadership transition followed a comprehensive succession planning process and would allow bp to accelerate its strategy to become a “simpler, leaner and more profitable company”.

“Progress has been made in recent years, but increased rigour and diligence are required to make the necessary transformative changes to maximise value for our shareholders,” he said.

O’Neill said she was honoured to be appointed CEO of bp, describing the group as a company with “extraordinary assets” and significant potential.

“bp plays a critical role in delivering energy to customers around the world. With an extraordinary portfolio of assets, bp has significant potential to re-establish market leadership and grow shareholder value,” she said.

“I look forward to working with the bp leadership team and colleagues worldwide to accelerate performance, advance safety, drive innovation and sustainability, and help meet the world’s energy needs.”

Auchincloss, who has spent more than three decades at bp, said the timing was right to hand over leadership.

“When Albert became chair, I expressed my openness to step down were an appropriate leader identified who could accelerate delivery of bp’s strategy,” he said.

“I am confident that bp is now well positioned for significant growth and I look forward to watching the company’s future progress and success under Meg’s leadership.”

Manifold also thanked Auchincloss for his contribution to the company and confirmed the board’s support for interim CEO Carol Howle.

“With 25 years at bp, she has a deep knowledge of the company and will ensure strategic continuity until Meg joins,” he said.

O’Neill is currently chair of Australian Energy Producers, the country’s oil and gas industry body, and serves on the boards of the Business Council of Australia and the American Petroleum Institute.

BP said the appointment followed a board-led search process supported by an independent recruitment firm and forms part of its long-term succession planning. The company added that no further disclosures are required under UK Listing Rule 6.4.8.

BUSINESS REPORT