Can New CEO Meg O'Neill Lead a Leaner Future for BP?

BP has confirmed the appointment of Meg O’Neill as its next CEO, a move intended to support the energy company’s shift toward heightened capital discipline and the acceleration of its long-term strategic vision. 

Meg, who is currently the CEO of Australian energy firm Woodside Energy, will take the helm at BP on 1 April 2026.

The announcement follows the departure of Murray Auchincloss, who stepped down as CEO and director of the Board on 18 December, less than two years after he replaced former CEO Bernard Looney. 

To bridge the gap until Meg’s arrival, the company’s Board has appointed Carol Howle, currently BP’s Executive Vice President of Supply, Trading & Shipping, to serve as interim CEO. 

Discussing her appointment on LinkedIn, Meg says: “I am tremendously excited and honoured to serve as the next CEO of BP, and looking forward to the challenge of leading the company’s next chapter.”

Leading BP’s transformation

Meg’s appointment comes at an important time for BP as it navigates a complex global energy transition while attempting to satisfy shareholder demands for leaner and more efficient operations. 

Albert Manifold, Chair of BP, emphasises that the appointment was the result of a rigorous succession planning process designed to identify a leader capable of driving "transformation, growth, and disciplined capital allocation”.

He says: “We are delighted to welcome Meg O’Neill to the BP team. 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.” 

“Following a comprehensive succession planning process, the Board believes this transition creates an opportunity to accelerate our strategic vision to become a simpler, leaner, and more profitable company,” he explains. 

“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.”

Who is Meg O’Neill

Meg is widely recognised in the energy sector for her performance at Woodside Energy. 

Since being named CEO in 2021, she has transformed the company into the largest energy firm on the Australian Securities Exchange. 

Her tenure included the successful acquisition of BHP Petroleum International, a significant undertaking that fundamentally reshaped Woodside into a geographically diverse entity with a high-quality global portfolio.

Before her success in Australia, Meg spent over two decades at ExxonMobil, holding various senior technical and operational roles worldwide. 

This blend of international operational expertise and proven M&A success will help the BP Board in its ambition to "maximise value for shareholders”.

For Meg, the move to BP represents an opportunity to scale her record of performance on a larger global stage. 

She says: “BP plays a critical role in delivering energy to customers around the world. I am honoured to serve as the company’ next CEO.

“With an extraordinary portfolio of assets, BP has significant potential to re-establish market leadership and grow shareholder value.  I look forward to working with the BP leadership team and colleagues worldwide to accelerate performance, advance safety, drive innovation and sustainability and do our part to meet the world’s energy needs.”

Managing leadership succession

The transition period has been structured to ensure stability for BP and its stakeholders. 

Murray will serve in an advisory role until December 2026, providing institutional knowledge to the incoming leadership. 

He says: “After more than three decades with BP, now is the right time to hand the reins to a new leader. When Albert became Chair, I expressed my openness to step down were an appropriate leader identified who could accelerate delivery of BP’s strategy. 

“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."

In the interim, Carol Howle’s 25-year tenure at BP is expected to provide a "steady hand." Chair Albert Manifold praised her deep knowledge of the company, which the Board views as essential for maintaining strategic continuity until the new CEO formally takes office in the spring of 2026.