BP Appoints Meg O Neill as New Chief Executive

• BP has named Meg O'Neill as its new CEO
• She becomes the first woman to head a worldwide petroleum corporation
• Previous experience of O’Neill includes leading Australia-based Woodside Energy Group

BP has nominated Meg O’Neill as its next CEO. She will become the first woman to head one of the world's biggest oil companies. The appointment is being made while the company is working to turn around its performance after facing some problems due to its initial focus on renewable energy.

The new CEO is to be Meg, an executive from America who also was a chief executive at Woodside Energy Group in Australia, taking over from Murray Auchincloss in April, according to a statement from BP on December 17. Carol Howle is to be the acting CEO until then.

The leadership transition comes against the backdrop where BP has been ranking behind its competitors due to challenges in its operation, geopolitical turmoil, reduced gains from its investments in the low-carbon business, and the influence of activist investor Elliott Investment Management.

BP’s current restructuring plan focuses on its oil and gas business, but declining oil prices add to the woes.

Being a part of Woodside since 2021, O’Neill has been responsible for acquiring BHP Group’s petroleum business, as well as developing liquefied natural gas operations on an international scale.

She also promoted the use of natural gas as a transition fuel to decrease coal use and emissions. Prior to that, she worked for over 20 years with ExxonMobil.

BP has remained under constant pressure from Elliott to improve their performance following the announcement of the strategic reset by Auchincloss in February, which involved the sale of their assets to lower their debt and improve their balance sheet. Currently, BP has announced few divestments.

In July, BP named Albert Manifold the company’s chairman after coming under pressure from investors. Auchincloss had shown willingness to leave the company if a fit person could be found to fast-track the company’s plans.

Meg was responsible for the purchase of a proposed liquefied natural gas project in the US state of Louisiana and oversaw the extension of operations at one of the firm’s liquefied gas export centers in Australian gas until the year 2070.

The stock price of Woodside climbed by about 10 percent during her stewardship, beating the Australian competitors, but it declined by a high of 2.6 percent on Dec.18 when her resignation became public. Woodside said Liz Westcott would be acting chief executive.