BP Stock: New CEO Meg O’Neill Takes Over as Company Cuts Debt and Doubles Down on Oil

TLDR

• Meg O’Neill became BP’s new CEO on April 1, 2026, the first woman to lead a top-five oil major
• O’Neill pledged “clear direction and consistency” in her first staff note
• BP has suspended buybacks to focus on cutting debt and investing in oil and gas
• Net debt fell to $22 billion, with a target of $14–18 billion by end-2027
• O’Neill previously led Woodside Energy, where she doubled production and expanded into the U.S.

Meg O’Neill officially took over as BP’s chief executive on Wednesday, becoming the first woman to lead a top-five oil major and the first external CEO hire at BP in over a century.

BP p.l.c., BP

O’Neill, 55, joins from Australia’s Woodside Energy, where she served as CEO since 2021. Before that, she spent 23 years at Exxon Mobil. She is BP’s fourth CEO since 2020.

She arrives as BP is deep into a strategic reset. Under former CEO Murray Auchincloss, the company walked back its renewables push and refocused on oil and gas after pressure from shareholders, including activist hedge fund Elliott Investment Management.

BP has cut billions from planned renewable energy projects and pledged to divest $20 billion in assets by 2027. The company suspended buybacks in February to prioritize debt reduction.

Debt Target in Focus

Net debt dropped to $22 billion in Q4 2025, down from $26 billion. BP is targeting a range of $14–18 billion by end-2027. The company spent more than 40% of its $16.2 billion investment budget in the U.S. in 2024.

BP is also targeting U.S. output of around 1 million barrels of oil equivalent per day by end of the decade, while keeping overall production steady at roughly 2.4 million boed.

New chairman Albert Manifold, who joined in October, recently announced a leaner board structure. Former Shell finance chief Simon Henry was among those departing, with Manifold saying fewer directors would allow for faster decisions.

O’Neill’s track record at Woodside is drawing attention. Under her leadership, the company merged with BHP’s petroleum arm to form a top-10 global independent oil and gas producer valued at $40 billion. She also doubled Woodside’s production and launched a major liquefied natural gas project in Louisiana.

Elliott Still Watching

Activist investor Elliott, one of BP’s largest holders, has been vocal about what it sees as BP’s underperformance. It has called on the board to address the company’s issues, and analysts expect O’Neill will continue the oil-and-gas-first strategy that Auchincloss began.

O’Neill acknowledged BP is operating in an environment of “significant complexity” due to geopolitical tension, rapid technological change, and shifting energy demand.

Auchincloss departed abruptly in December 2025 and will remain in an advisory role until December 2026. BP’s Carol Howle served as interim CEO in the gap.

O’Neill’s base salary is set at £1.6 million ($2.1 million), per BP’s March annual report.

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