BP has announced a significant leadership transition. Murray Auchincloss is stepping down from his roles as Chief Executive Officer and board director, effective immediately. Meg O'Neill, the current CEO of Australian energy company Woodside, will become BP's new CEO, starting on April 1, 2025. Until then, Carol Howle, BP's Executive Vice President of Supply, Trading and Shipping, will serve as interim CEO. Auchincloss will remain with BP in an advisory capacity until December 2026 to assist with the transition.

Context and Strategic Rationale

This change marks the second major leadership shift at BP this year, following the announcement in April that former chair Helge Lund would step down. It occurs during a period of strategic reset for the company, which earlier this year promised a renewed focus on fossil fuels following inconsistent financial performance. BP Chair Albert Manifold stated the appointment of O'Neill followed a comprehensive succession planning process aimed at creating a "simpler, leaner and more profitable company." He emphasized that while progress has been made, increased rigor is needed to implement transformative changes and maximize shareholder value.

Departure of Murray Auchincloss

Murray Auchincloss became interim CEO in late 2023 after the abrupt resignation of Bernard Looney and was named permanent CEO in January 2024. His departure appears amicable. In a statement, Auchincloss noted that upon Manifold becoming chair, he had expressed openness to stepping down if an appropriate leader was found to accelerate BP's strategy. He expressed confidence that BP is well-positioned for growth under O'Neill's leadership. Manifold thanked Auchincloss for his contributions and commitment.

Incoming CEO: Meg O'Neill

Meg O'Neill brings extensive industry experience, including 23 years at ExxonMobil. She joined Woodside in 2018, holding several executive roles before becoming CEO in April 2021. Her tenure at Woodside is noted for the transformational acquisition of BHP Petroleum International and for advancing the company's liquefied natural gas (LNG) portfolio. Key projects like the Scarborough field offshore Western Australia (starting 2026) and the Louisiana LNG project in the US (starting 2029) are set to double Woodside's LNG capacity to 40 million tonnes per annum by 2032. Manifold cited O'Neill's proven track record in driving transformation, growth, and disciplined capital allocation as key reasons for her selection.

Statements from Leadership

In her statement, O'Neill said she was honoured to take the role, citing BP's extraordinary asset portfolio and significant potential to reestablish market leadership and grow shareholder value. She committed to accelerating performance, safety, innovation, and sustainability. At Woodside, Chair Richard Goyder thanked O'Neill for her leadership, which he said positioned the company for transformational growth and delivered approximately $11 billion in dividends to shareholders since 2022. Woodside has appointed Liz Westcott, who has led its Australian operations since joining in 2023, as its acting CEO.