In a significant corporate shake-up, BP has announced the appointment of Meg O'Neill as its new chief executive, making her the first woman to lead the British energy giant and the first female boss of a major global oil firm.
A Strategic Shift at the Helm
The decision, revealed after US markets closed on Wednesday, 17 December 2025, sees O'Neill take over from Murray Auchincloss, who spent less than two years in the top role. She is scheduled to assume her position in April 2026.
This marks the first major strategic move by BP's new chairman, Albert Manifold, who himself took over the role in October 2025. The leadership change comes amid sustained shareholder frustration over BP's financial performance, with its shares and earnings lagging behind rivals for several years.
Murray Auchincloss was initially appointed following the abrupt 2023 departure of Bernard Looney, who left after a controversy concerning his disclosure of past relationships with colleagues. Auchincloss will now stay on in an advisory capacity for up to one year.
O'Neill's Track Record and BP's New Direction
Meg O'Neill joins BP from Woodside Energy in Australia, where she has served as chief executive since 2021. Under her leadership, Woodside executed a major merger with BHP Group's petroleum arm, creating a top-ten global independent oil and gas producer valued at approximately $40 billion and doubling Woodside's production.
Her appointment signals a clear intent from BP's board to accelerate a strategic pivot back towards fossil fuels. Earlier in 2025, BP slashed billions of pounds from its planned investments in renewable energy, refocusing on its more lucrative traditional oil and gas business to improve returns.
In a statement, Chairman Albert 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 praised O'Neill's "proven track record of driving transformation, growth, and disciplined capital allocation."
Market Reaction and Industry Implications
The news of O'Neill's impending departure triggered an almost 3% drop in Woodside's share price. Meanwhile, analysts suggest her hiring points to BP's desire to strengthen its position in the natural gas market.
Michael Alfaro, chief investment officer at Gallo Partners, commented, "O'Neill is definitely respected, has a good track record of execution. The move signalled that BP wanted to pursue a firm-wide push in natural gas."
Until O'Neill starts her role in April, BP's executive vice president Carol Howle will serve as interim chief executive. In his departing statement, Murray Auchincloss expressed confidence that BP is "well positioned for significant growth" under its new leadership.
This historic appointment places Meg O'Neill at the forefront of one of the world's largest energy companies during a pivotal period, tasked with delivering the financial turnaround that shareholders have been demanding.
