BP taps Woodside’s Meg O’Neill as CEO as it pivots back to fossil fuels

In December 2025, BP appointed Meg O'Neill, formerly of Woodside Energy and Exxon, as its new CEO, effective April. This marks the first time in over a century that BP has hired an external candidate for the position, and O'Neill is the first woman to lead a top-five oil major. The appointment follows the recent departure of Murray Auchincloss and signals BP's strategic pivot back towards fossil fuels after scaling back renewable energy investments. The company aims to improve profitability and shareholder value through cost cuts, asset divestments totaling $20 billion by 2027, and debt reduction. O'Neill's hiring is seen as a response to pressure from investors, including Elliott Investment Management, to address BP's financial performance.

Meg O'Neill, the CEO of Woodside Energy known for criticizing young climate activists, will leave her position to become the chief executive of BP. The announcement was made by BP on Thursday. O'Neill's departure comes as BP has shifted away from its net-zero strategy, opting to increase its investment in fossil fuels. This move places O'Neill, who previously led the Australian gas giant Woodside, at the helm of a global oil and gas company that is scaling back climate commitments. The timing of the move is notable given O'Neill's past criticisms of what she termed "ideological" stances against fossil fuels.