BP names new boss as current CEO leaves after less than two years

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

The London-based energy giant said its current boss Murray Auchincloss would step down less than two years after he replaced Bernard Looney, who was found to have committed “serious misconduct” in failing to disclose relationships with colleagues.

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

Ms O’Neill said she looks forward to helping BP “do our part to meet the world’s energy needs”.

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

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

Rivals Shell and Norwegian company Equinor have also scaled back plans to invest in green energy and US President Donald Trump’s call to “drill baby drill” has encouraged firms to invest in fossil fuels.

Energy consultant and former Shell executive Robin Mills told the BBC’s Today programme that the “surprise” appointment of Ms O’Neill was about refocusing on its core oil and gas businesses.

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

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

Although Mr Auchincloss he tried to distance himself from his predecessor’s plans to cut oil and gas production, some shareholders had been impatient at the pace of change and were pushing for changes at the top.

Derren Nathan, head of equity research at Hargreaves Lansdown, said a new chairman and chief executive within months of each other shows the “legacy clear-out is now complete”.

However, Mr Nathan said the focus for the incoming BP boss would be to boost its profitability and share price so that it was not subject to a takeover as oil and gas majors merge.

“Consolidation is the talk of the town, but BP is most frequently seen as prey rather than the hunter. Rival Shell has distanced itself from takeover speculation, but there are other potential suitors.

“[Ms] O’Neill may have a fight on her hands to ensure BP’s not sold for a song, and to keep a seat at the table if it were to join forces with a competitor.

Reaction from investors was muted. BP shares initially opened higher in London on Thursday morning before dipping back to the price they closed at on Wednesday.

Ms O’Neill said she would prioritise re-establishing the oil giant’s market leadership, as well as advancing safety and driving innovation and sustainability.

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

It said she had grown the business into the largest energy company listed on the Australian Securities Exchange.

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

BP executive vice president Carol Howle will serve as interim chief executive until Ms O’Neill, who has led Woodside Energy since 2021, takes up her new role on 1 April.

Mr Auchincloss, who took over from Mr Looney in September 2024, said he had told BP’s chairman in September that he was open to stepping down “were an appropriate leader 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 Ms O’Neill’s appointment was announced. He will serve in an advisory role until December 2026.

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

BP’s board said they had been “knowingly misled” by Mr Looney.

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