BP has appointed Meg O’Neill as its new Chief Executive Officer, signalling a shift back toward oil and gas. O’Neill will take over in April 2026, becoming the first woman to lead a global oil major.
O’Neill is currently CEO of Woodside Energy, one of Australia’s largest oil and gas producers. She is also a former executive at ExxonMobil, giving her decades of experience in the fossil fuels industry.
BP’s board described her appointment as part of an effort to strengthen the company’s core oil and gas business after years of focusing on renewable energy. Analysts say the move marks the end of BP’s ambitious green transition strategy, which began under former CEO Bernard Looney in 2020.
Under Looney, BP invested in wind, solar, and hydrogen projects, aiming to become a low-carbon energy company. However, investors grew concerned about weaker returns from renewables compared to BP’s traditional oil and gas operations, especially after global energy prices surged following Russia’s invasion of Ukraine.
O’Neill is known for defending the oil and gas sector. During her time at Woodside, she faced protests from environmental groups, including demonstrations outside company offices and near her home. Despite this, she argued that oil and gas would remain essential to global energy security for decades.
BP’s current CEO, Murray Auchincloss, will step down after overseeing a partial retreat from renewables, including selling wind assets and cutting spending on transition businesses. BP’s supply and trading chief, Carol Howle, will serve as interim CEO until O’Neill takes charge.
With Meg O’Neill at the helm, analysts believe BP is committing to a more traditional energy strategy, centred on oil, gas, and liquefied natural gas (LNG), while scaling back its earlier renewable ambitions.
