Meg O'Neill

When Meg O'Neill took over as CEO of BP on April 1, she became the first woman to lead one of the five major oil companies and the first outside chief executive in BP's more than century-long history. On day one, O'Neill pledged "clear direction and consistency." And indeed, BP needs a steady presence: The company cycled through three previous CEOs in six years and is trying to regain its footing after a troubled renewables push. Last year, BP posted $7.5 billion in adjusted profit from its underlying business, down from $8.9 billion the prior year. The board suspended share buybacks while pursuing an aggressive divestment program, including the sale of a 65% stake in Castrol. O'Neill's mandate is to restore credibility and financial discipline: The company has raised its cost-savings target to as much as $7.5 billion by the end of 2027 and is pivoting back toward oil and gas. O'Neill built a reputation for operational rigor during her five years as CEO of Australian oil and gas producer Woodside Energy, where she oversaw an all-share merger with BHP Petroleum and a $1.2 billion deal for the owner of a Louisiana LNG development, expanding Woodside's U.S. footprint. O'Neill, an American, assumed the BP CEO role during another moment of tumult, this time for reasons outside the company's control. The Iran war boosted oil prices—a boon for BP—but disrupted transport routes and broader uncertainty may challenge O'Neill's plan to be a stabilizing force.