Background on Meg O’Neill
Meg O’Neill, an American executive with extensive experience in the oil and gas industry, has been named as BP’s new Chief Executive Officer (CEO). She will take over from Murray Auchincloss on April 1, 2026, succeeding him after his unexpected departure following nearly two years in the role. Auchincloss will continue as an advisor until December 2026.
BP’s Restructuring Plan
O’Neill’s primary mission is to implement the restructuring plan announced earlier this year. This shift comes after BP abandoned its ambitious climate strategy, focusing on a radical approach to hydrocarbons and cost reduction, which includes eliminating thousands of jobs.
O’Neill’s Career
Prior to joining BP, O’Neill has been leading Australian energy company Woodside Energy since 2021. She previously spent 23 years at ExxonMobil, climbing the ranks to become President Director of ExxonMobil Indonesia.
Interim Leadership
Until O’Neill’s arrival in April, Carol Howle, BP’s current Chief Financial Officer, will assume the role of interim CEO.
BP’s Financial Performance
In November, BP reported a significant increase in net income for the third quarter of 2025. The company’s profit after tax rose to $1.16 billion, compared to $206 million in the same period a year prior. This improvement can be attributed to higher oil production and cost reductions, partially offsetting the decline in crude oil prices.
BP’s Future Direction
Albert Bourla, BP’s Chairman, stated, “While progress has been made in recent years, greater rigor and diligence are required to execute the transformative changes necessary to maximize value for our shareholders.”
Key Questions and Answers
- Who is Meg O’Neill? Meg O’Neill is an American executive with a background in the oil and gas industry, most recently serving as President Director of ExxonMobil Indonesia and leading Australian energy company Woodside Energy since 2021.
- What is BP’s restructuring plan? BP’s restructuring plan focuses on a radical approach to hydrocarbons, cost reduction, and eliminating thousands of jobs following the abandonment of its ambitious climate strategy.
- Who will lead BP until Meg O’Neill’s arrival? Carol Howle, BP’s current Chief Financial Officer, will serve as interim CEO until Meg O’Neill joins the company in April 2026.
- How did BP perform financially in Q3 2025? BP reported a significant increase in net income for Q3 2025, with profits after tax rising to $1.16 billion, driven by higher oil production and cost reductions.
