British oil big BP has appointed Woodside Vitality boss Meg O’Neill as its subsequent CEO, changing Murray Auchincloss after lower than two years within the position.
Auchincloss will step down at present, with Carol Howle, BP’s govt vice chairman for provide, buying and selling and delivery set to function interim CEO till O’Neill takes over the position on April 1. She will probably be BP’s fourth CEO in six years.
Auchincloss stepped up from his earlier position as chief monetary officer to the highest job in January 2024, after his predecessor Bernard Looney left the corporate for failing to reveal a relationship with a colleague.
Looney, who had been within the position since early 2020 when he succeeded Bob Dudley, had sought to rework the oil main right into a inexperienced vitality big however got here underneath investor stress amid share underperformance.
A graph displaying BP’s share value
Auchincloss reversed that technique, and targeted on the corporate’s core gasoline and oil items.
Within the Wednesday assertion, Auchincloss mentioned he’d instructed lately appointed Chair Albert Manifold he was open to stepping down if an “applicable chief” was recognized.
BP fielded off takeover rumors earlier this yr, with fellow U.Ok. vitality incumbent Shell denying reviews that it was in talks to snap up its its struggling competitor.
The London-listed oil exploration firm that was based in 1909 underneath the identify Anglo-Persian Oil Firm, has underperformed in contrast with its friends, having reported declining annual income in each 2023 and 2024.
Meg O’Neill, chief govt officer of Woodside Vitality Group Ltd., attends the corporate’s annual normal assembly in Perth, Australia on Thursday, Might 8, 2025. Photographer: Matt Jelonek/Bloomberg through Getty Pictures
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Nonetheless, BP’s elementary strategic reset that noticed it U-turn on inexperienced pledges, shake-up its management, launch a cost-cutting program and a string of oil discoveries, helped ease stress.
BP’s share value is up over 15% year-to-date and 21% over the previous 5 years. The inventory ended Thursday up 0.7% as traders responded to the management announcement.
Holding the road
O’Neill will doubtless maintain the road, drawing on greater than two-and-a-half a long time of expertise within the oil and gasoline trade, together with 23 yeas at U.S. big ExxonMobil. She chairs the Australian oil and gasoline trade physique Australian Vitality Producers (AEP) and is a board member of the American Petroleum Institute. She additionally served on the board of the Enterprise Council of Australia.
Talking to CNBC’s Dan Murphy on the Future Funding Initiative Institute in Saudi Arabia in October about Woodside Vitality’s technique, O’Neill mentioned that the agency’s investments are made by trying on the demand profile “for many years to come back” — which led it to liquified pure gasoline (LNG).
Oil majors, together with BP, have pushed laborious into LNG manufacturing, which is taken into account a bridge gasoline by the likes of the European Fee, given it’s cleaner than coal.
“We have deep conviction across the position of LNG as in some ways, discovering the candy spot between reliability, affordability and sustainability. Once we discuss to clients in locations like North Asia and Europe and ask them what they need, they are saying ‘we wish all three elements’,” she mentioned.
When clients are requested whether or not they’re keen to pay for extra climate-friendly merchandise, “the reply is usually zero or close to zero,” she added. “In order that has underpinned our give attention to LNG.”
On the time, Woodside anticipated LNG demand to develop 50% over the approaching decade.
Woodside Vitality’s inventory value closed Wednesday’s session 1.3% decrease.
