Meg O'Neill Takes Over as BP CEO

Meg O'Neill took the helm as chief executive of BP on Wednesday, marking the oil giant's latest effort to stabilize its operations and refocus on core energy production amid ongoing financial pressures. The 55-year-old American, formerly CEO of Australia's Woodside Energy, becomes the fourth person to lead the London-based company since 2020 and its first external hire in more than a century. She is also the first woman to head one of the world's top five oil majors and the first openly gay woman to lead a FTSE 100 company.

In a note to employees, O'Neill emphasized continuity and momentum. "I believe we can safely accelerate performance and drive innovation, sustainability and growth," she wrote. "I'm committed to providing clear direction and consistency so we can move forward together with confidence." Her arrival coincides with a strategic shift at BP, which a year ago abandoned much of its ambitious push into renewable energy in favor of oil and gas investments. The company has since slashed billions from planned green projects, pledged to divest $20 billion in assets by 2027 and prioritized debt reduction. Net debt dropped to $22 billion in the fourth quarter of last year...