Just last week BP appointed Meg O’Neill as its new chief executive. She has become the first woman to head up one of the major global oil companies. O’Neill’s appointment follows Murray Auchincloss’ resignation after less than two years at the institution’s helm. She will assume the position right away. Her stated mission is to restore BP to market-leading performance, while improving safety, improving innovation, and creating a more sustainable BP.
O’Neill’s appointment could not come at a more important time for BP. The company is already moving in the opposite direction, cutting back on renewable energy developments while increasing oil/gas production. The decision to appoint O’Neill follows mounting pressure from investors who expressed frustration over BP’s lagging profits and share prices compared to its rivals.
In short, O’Neill needs the world to trust that she will help them access the energy they require. As she put it in her first official comments after assuming command, “I’m excited to help BP contribute to delivering the energy the world needs.” She will need to be a strong leader as BP makes these strategic transitions, but must do so while responding to investor concerns.
Murray Auchincloss will remain in an advisory role through December 2026, helping to guide O’Neill through this transition. Auchincloss expressed confidence in O’Neill’s leadership potential: “I am confident that BP is now well positioned for significant growth and I look forward to watching the company’s future progress.”
BP is going through extreme turmoil at the moment. This crisis features the dramatic ouster of now ex-CEO Bernard Looney. He resigned from the firm with little warning. He forfeited a lucrative compensation package valued at up to £32.4 million ($43.3 million) after he admitted he failed to be “totally open” about his previous personal relationships.
As O’Neill begins her tenure, federal transportation leaders are facing a daunting challenge. She will need to regain investor confidence while navigating BP—like all companies in the sector—toward a future that values traditional oil and gas operations but demands a more sustainability-focused innovation strategy. Her leadership style and strategic vision will certainly be the key focus moving forward as she manages these competing realities.