BP (NYSE:BP) CEO Murray Auchincloss is being replaced after less than two years in the role, as the British oil major appointed Woodside Energy’s Meg O’Neill as its new top boss on Wednesday.
O’Neill First Woman In The Job
BP’s head of trading, Carol Howle, will serve as interim chief executive until O’Neill, who has led Australian energy firm Woodside Energy since 2021, takes up her new role on April 1, the company said in a statement.
O’Neill, a U.S. citizen, will become BP's third CEO in five years and the first woman in the top job in the company’s 116-year history.
She spent 23 years at ExxonMobil in technical, operational, and leadership positions around the world before joining Woodside Energy in 2018. Since she was appointed CEO in 2021, O'Neill has been credited with growing the company into the largest energy company listed on the Australian Securities Exchange, and with its takeover of BHP Petroleum International in 2022.
BP’s Recent Struggles
The CEO transition comes after three turbulent years marked by leadership shake-ups, a revamp of a failed renewables strategy, pressure from activist investors, and persistent takeover speculation.
Auchincloss became CEO in January 2024 after Bernard Looney resigned in September 2023 over lying to the board about personal relationships with employees.
At the helm, Auchincloss scrapped plans to reduce BP’s oil and gas production and expand its renewables business, as rivals like Shell also pulled back on green energy investment plans. U.S. President Donald Trump's "drill, baby, drill" rhetoric has encouraged companies to ramp up fossil fuel investment.
BP also kicked off a $4 billion to $5 billion cost-cutting drive by 2027, and cut 5% of its global workforce of nearly 90,000 this year.
O’Neill will lead a company that is cutting its renewable energy investments and instead focusing on increasing oil and gas production, at a time when oil prices are expected to weaken amid a global supply glut.
See also: Oil Falls To $55 And Energy Stocks Suffer Worst Day Since April
What’s Going On With BP Stock?
Investors have seemed to cheer the company’s strategic moves following pressure from activist investor Elliott Management. BP aims to grow oil and gas production to 2.3 million and 2.5 million barrels of oil equivalent per day (boepd) in 2030.
U.S.-listed shares of the company have gained 15.2% so far this year and closed on Wednesday at $34.47. About 40% of the company’s capital investment was spent in the U.S. last year, with nearly one-third of its global workforce located in the country.
Benzinga Edge rankings show the stock scores strongly on value, while momentum and quality are more mixed, and growth is weak. Price trend indicators point to weakness in the short and medium term, though the long-term trend remains positive.
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