O’Neill, formerly head of Australian oil and gas firm Woodside Energy, will be the the first woman to run a major global oil firm.
Carol Howle, BP’s current interim chief executive, said the company looked forward to O’Neill’s arrival “as we accelerate our progress to build a simpler, stronger and more valuable BP for the future”.
The company has come under pressure from its shareholders for underperforming compared to its rivals in recent years.
A year ago, BP announced it was cutting planned investments in renewable energy to spend billions of dollars more a year on its core oil and gas operations.
The energy giant is trying to cut its debts, which currently stand at about $22bn.
Announcing its latest results, BP said it aimed to make cost savings of $5.5bn-$6.5bn by the end of 2027. This is an increase from its previous target of up to $5bn, and comes after its decision to sell a 65% stake in its Castrol business.
“Management is taking some decisive action to fix the balance sheet, scrapping the buyback, doubling down on non-core disposals and upping structural cost-savings targets,” said Derren Nathan, head of equity research at Hargreaves Lansdown.
Profits in the final three months of the year fell 30% to $1.54bn, in a period when the price of Brent crude oil fell below $60 a barrel for the first time in more than four years.
BP’s annual profits have now fallen for three years in a row. They peaked at $27.7bn in 2022 when oil prices soared in the aftermath of Russia’s invasion of Ukraine.
Rival oil giant Shell also announced a fall in profits when it posted its annual results last week. Shell reported underlying earnings of $18.53bn for 2025, a 22% fall on the previous year.
ReutersMeg O’Neill will take up her new role in April
