The board of BP has appointed Meg O’Neill as the next CEO of the London-headquartered supermajor, effective 1 April 2026. The oil company said on 17 December that current CEO Murray Auchincloss has decided to step down from his position and as a director of the board as of 18 December.
Carol Howle, a 25-year veteran of BP and its executive vice president of supply, trading, and shipping, will serve as interim CEO until O’Neill assumes the position.
The company said Auchincloss will serve in an advisory role until the end of next year to ensure a smooth transition.
Auchincloss, who assumed the role of CEO 2 years ago, said that after more than 30 years with BP, “now is the right time to hand the reins to a new leader.” He added that he previously expressed to the board his willingness to resign once new leadership 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 and success under Meg’s leadership,” Auchincloss said.
The leadership transition follows other efforts this year to reorganize BP’s management, alongside a strategic shift to reduce renewable investments and increase capital spending on oil and gas projects.
O’Neill is leaving her post as CEO of Woodside Energy, a position she has held since 2021. Under her leadership, Woodside grew into the largest energy company listed on the Australian Securities Exchange, BP noted. She also oversaw the acquisition of BHP Petroleum International along with the company’s global oil and gas portfolio.
Before joining Woodside in 2018, O’Neill spent 23 years with ExxonMobil in technical, operational, and leadership positions around the world.
O’Neill, who will become the first woman to lead a supermajor, expressed optimism about taking over the top position at BP, which she said holds the potential to reestablish market leadership.
“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,” she said.
Albert Manifold, chair of BP, described O’Neill in the announcement as “the right leader for BP,” adding, “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 also said the new CEO will help realize BP’s strategic goals “to become a simpler, leaner, and more profitable company.” He acknowledged that the company has made recent steps toward these aims, “but increased rigor and diligence are required to make the necessary transformative changes to maximize value for our shareholders.”
Woodside issued a separate statement announcing that its board appointed Liz Wescott as acting CEO, effective 18 December.
Wescott joined the company in 2023 and served as its executive vice president and chief operating officer. Prior to Woodside, she spent 25 years with ExxonMobil in roles that included planning, operations, and technical and commercial leadership.
“Liz’s appointment as acting CEO provides strong continuity for our business and its people,” Richard Goyder, chair of Woodside, said in a statement. “She will lead and work with Woodside’s highly capable executive leadership team to continue to execute against Woodside’s strategy to deliver shareholder value through disciplined decision-making and operational excellence.”
Woodside’s statement added that its CEO succession planning is ongoing and that it plans on announcing a permanent appointment in the first quarter of next year.