BP Announces Meg O’Neill as New CEO

BP p.l.c. (LON:BP) has announced a significant leadership transition, with Meg O'Neill, currently CEO of Woodside Energy to take the helm as BP's CEO effective April 1, 2026.

Murray Auchincloss is stepping down as CEO and director, effective December 18th, with Carol Howle, current executive vice president, supply, trading & shipping, serving as interim CEO until O'Neill's arrival.

Auchincloss will remain in an advisory role until December 2026.

The markets are digesting the implications of this change, particularly O'Neill's track record at Woodside Energy.

During her tenure, she oversaw the transformative acquisition of BHP Petroleum International, creating a geographically diverse business with a portfolio of high-quality oil and gas assets. Her experience at ExxonMobil for 23 years in technical, operational, and leadership roles further solidifies her industry credentials.

Albert Manifold, Chair of BP, emphasized the Board's confidence in O'Neill's ability to drive transformation, growth, and disciplined capital allocation. Manifold stated that the transition creates an opportunity to accelerate BP's strategic vision to become a simpler, leaner, and more profitable company. The Board acknowledged progress has been made but increased rigor is required to maximize shareholder value.

O'Neill's appointment comes after a comprehensive succession planning process overseen by a Board search committee and an independent recruitment firm. The markets will be closely watching how she intends to reestablish market leadership and grow shareholder value, as she stated is her intention. Her focus on performance, safety, innovation, and sustainability will be key areas of interest.

Auchincloss stated that now is the right time to hand the reins to a new leader, expressing confidence in BP's future growth under O'Neill's leadership. The markets will be assessing whether this transition signals a shift in BP's strategic direction or an acceleration of existing plans.

Carol Howle's role as interim CEO provides strategic continuity during this period. With 25 years at BP, her deep knowledge of the company will be crucial in maintaining stability and momentum.

The company has made forward-looking statements with cautionary details available in their most recent Annual Report and Form 20-F under “Risk factors” and in any of their more recent public reports.