BP appoints new boss after current CEO leaves after less than two years

BP has appointed a new chief executive, making Meg O’Neill the first woman to lead a major global oil company.

The London-based energy giant said its current boss, Murray Auchincloss, would resign less than two years after replacing Bernard Looney, who was found to have committed “serious misconduct” by not disclosing his relationships with colleagues.

Under O’Neill, who currently runs Australian oil and gas company Woodside Energy, BP is expected to continue its recent strategy of moving away from renewables to refocus on its core oil and gas business.

O’Neill said he hopes to help BP “do our part to meet the world’s energy needs.”

O’Neill’s surprise appointment comes just three months after BP appointed a new chairman, Albert Manifold.

In February, the energy giant said it would change its strategy following pressure from some investors who were frustrated that its profits and share price had lagged those of rivals.

Rivals Shell and Norwegian firm Equinor have also scaled back their plans to invest in green energy and US President Donald Trump’s call to “drill small drills” has encouraged companies to invest in fossil fuels.

Robin Mills, an energy consultant and former Shell executive, told the BBC’s Today program that O’Neill’s “surprise” appointment was aimed at refocusing on its core oil and gas businesses.

“The new president…has really decided to put his stamp on things,” he said.

“I think the announcement that was made here made it very clear that he felt that Murray [Auchincloss] “He had done a decent job, but not enough and more was needed and some new leadership, some new blood.”

Although Auchincloss attempted to distance itself from its predecessor’s plans to reduce oil and gas production, some shareholders had grown impatient with the pace of change.

O’Neill said he would prioritize restoring the oil giant’s market leadership, as well as promoting safety and driving innovation and sustainability.

BP praised Ms O’Neill’s time as chief executive of Woodside Energy, pointing to the company’s acquisition of BHP Petroleum International in 2022.

He said he had grown the business into the largest energy company listed on the Australian Stock Exchange.

Prior to joining Woodside, Ms. O’Neill spent 23 years in technical, operational and leadership positions at Texas-based energy company ExxonMobil.

BP Executive Vice President Carol Howle will act as interim CEO until O’Neill, who has led Woodside Energy since 2021, takes up her new role on April 1.

Auchincloss, who replaced Looney in September 2024, said he had told BP’s chairman in September that he was willing to resign “if an appropriate leader was identified.”

“I am confident that BP is now well positioned for significant growth and I look forward to watching the company’s future progress,” he said after O’Neill’s appointment was announced. He will serve in an advisory role until December 2026.

Looney was sacked without notice in 2023 and lost up to £32.4 million ($43.3 million) in salary and benefits, after admitting he was not “fully transparent” about his past personal relationships.

BP’s board said Looney had “knowingly misled” them.

At the time, Looney said in a statement that he was “disappointed in the way this situation has been handled.”