Meg O'Neill: first woman and new face at the helm of BP enters an era of change

Wednesday, April 1 was the first day in the role for Meg O'Neill, the new CEO of oil and gas giant BP. She is the first CEO in BP's history not to come from within the company. O'Neill takes the reins at a time of volatility, as the British fossil fuel giant returns to investing in “fundamentals”. According to Reuters, the new CEO is promising consistency and faster performance improvements.

Who is Meg O'Neill?

O'Neill is the company's fifth CEO since 2020. Her previous experience includes a 23-year career at ExxonMobil, where she oversaw many of the company's projects in Africa before leaving in 2018. The 55-year-old American, originally from Colorado, then moved to Woodside Petroleum, where she became CEO in 2021. Under her leadership, the company merged with part of BHP and rebranded as Woodside Energy, the name it still has today.

Notably, she is the first woman to lead a major fossil fuel corporation. Her predecessor, Albert Manifold, described her as the “right leader” to seize “significant financial and strategic opportunities”.

BP and investors

BP has rapidly changed its strategies, accompanied by changes in leadership. In 2021, it announced ambitious climate plans. However, after its share price fell and investors complained, it gradually withdrew from them in 2024. These changes have displeased environmental activist investors. On the other hand, Elliott Management has taken a stake in BP, demanding more ambitious profit plans from management and pushing for reduced climate commitments.

O'Neill is expected to continue in this direction and, according to her own statements, wants only to accelerate the company's current course. According to the Financial Times, she told employees that “there is always more that can be done” and that she is “ready to lead in a clear and consistent direction”, so they can move forward together with confidence.

The choice of an American CEO could also signal a focus on the US market, which accounted for around 40 percent of the British fossil fuel giant's investment in 2024. The company plans to increase its US production to one million barrels of oil a day by the end of the decade, while keeping total production at 2.4 million barrels of oil a day.

O'Neill is joining the company in a strong position, given the massive rise in prices following the war in Iran. The company's shares have risen more than 40% over the past month. The market is volatile and dynamic, perhaps more so than ever, but the American is well positioned to take the helm.