LONDON — BP has appointed oil industry veteran Meg O’Neill as its new chief executive, a move the company says aims to boost profitability and enhance focus on its core businesses, including its global retail fuel and convenience store network.
O’Neill will become CEO on April 1, 2026. She replaces Murray Auchincloss, who resigned effective Thursday after less than two years in the role. Carol Howle, BP’s executive vice president of supply, trading, and shipping, will serve as interim CEO until O’Neill takes over. Auchincloss will stay in an advisory role through the end of 2026.
O’Neill will be BP’s fourth CEO since 2020, assuming leadership as the company continues a broad reset that has transformed its retail and downstream operations.
“We are delighted to welcome Meg O’Neill to BP,” Albert Manifold, chair of BP, said in the announcement. “Her proven track record of driving transformation, growth and disciplined capital allocation makes her the right leader for BP. Her relentless focus on business improvement and financial discipline gives us high confidence in her ability to shape this company for its next phase of growth.”
BP’s retail business has been a key part of that transformation. In its 2024 annual report, the company acknowledged that its customers and products segment, which includes its convenience store and retail fuel operations, faced operational challenges and fell short of expectations.
In response, BP initiated a multi-year cost-cutting effort aimed at saving about $2 billion by 2026. The plan has included workforce reductions throughout the company, including in retail, and a reassessment of its owned store portfolio. Earlier this year, BP announced plans to sell roughly 10% of its company-operated convenience stores.
Manifold said the leadership change is intended to accelerate those efforts.
“Progress has been made in recent years, but increased rigor and diligence are required to make the necessary transformative changes to maximize value for our shareholders,” he said. “This transition creates an opportunity to become a simpler, leaner and more profitable company.”
Auchincloss, who previously served as BP’s CFO, said he had shown openness to stepping aside earlier this year after Manifold’s appointment as chair.
“I am confident that BP is now well positioned for significant growth,” Auchincloss said. “I look forward to watching the company’s future progress and success under Meg’s leadership.”
O’Neill currently serves as CEO of Woodside Energy and previously spent 23 years at ExxonMobil in senior technical and operational roles across the U.S., Canada, and Norway. She will become BP’s first female CEO and the first chief executive appointed from outside the company.
Howle, the interim CEO, has held her current role since 2020 and previously led BP’s shipping division and integrated supply and trading operations.
For convenience retailers and fuel marketers, the leadership transition indicates a continued focus on streamlining operations, enhancing returns, and refining BP’s strategy for company-owned and branded retail assets. BP remains one of the largest global fuel suppliers and a key partner to independently operated convenience stores across the U.S. and international markets.
