BP CEO quits after less than two years. A former Exxon exec who ran Australia's largest oil company will take over.

By Steve Goldstein

There's a new change at the top of BP.

BP on Thursday made an abrupt shift in leadership, as CEO Murray Auchinloss is stepping down immediately after less than two years on the job.

Auchinloss had struggled to win investor backing for his reshaping of the company's strategy. He'll be replaced in April by Meg O'Neill, the CEO of Woodside Petroleum, and on an interim basis by Carol Howle, the current executive vice president, supply, trading & shipping at BP.

"When Albert [Manifold] became Chair, I expressed my openness to step down were an appropriate leader identified who could accelerate delivery of BP's strategy. I am confident that BP is now well positioned for significant growth and I look forward to watching the company's future progress and success under Meg's leadership," said Auchinloss in a statement.

Before heading Woodside Energy in 2021, where she oversaw the acquisition of BHP's petroleum unit, O'Neill was a long-time Exxon Mobil (XOM) executive.

Analysts at Alphavalue said she will bring "a pure upstream, scale-driven and capital-disciplined mindset."

Analysts at JPMorgan made a similar comment, saying investors should be receptive to fresh eyes being cast over BP's strategic agenda.

Manifold in a statement cited O'Neill's "proven track record of driving transformation, growth, and disciplined capital allocation." He said the first woman to ever lead BP gives the oil major "an opportunity to accelerate our strategic vision to become a simpler, leaner, and more profitable company."

BP shares (BP) (UK:BP) rose 1%, and have gained 9% this year - which isn't terrible given crude prices have slumped 22% in 2025.

Auchinloss's departure will inevitably bring up the idea that Shell (UK:SHEL) could buy BP. The Financial Times earlier this week reported that Shell chief executive Wael Sawan and his top lieutenant quashed an internal proposal to buy rival BP this year.

Woodside Energy (AU:WDS) slumped 3% in Sydney trade.

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-Steve Goldstein

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