Murray Auchincloss

Murray Michael Auchincloss (born circa 1970) is a Canadian-British business executive who has served as Chief Executive Officer of BP plc, the British multinational oil and gas company, since January 2024. He previously served as interim CEO from September 2023, following the sudden departure of Bernard Looney, and as BP's Chief Financial Officer from 2020 to 2023.

Auchincloss represents the fourth generation of his family to work in the energy industry, having joined Amoco in 1992 and transitioned to BP when the two companies merged in 1998. In February 2025, he announced a significant strategic shift, scaling back BP's renewable energy investments to prioritize oil and gas production—a reversal of the company's previous "net zero" positioning.

Early life and education

Murray Auchincloss was born in Canada around 1970. He earned a degree in commerce from the University of Calgary in Canada. He later qualified as a Chartered Financial Analyst (CFA) through studies at the University of West Virginia in the United States.

Auchincloss comes from a family with deep roots in the energy sector—he is the fourth generation of his family to work in oil and gas.

Career

Amoco and BP (1992–2020)

Auchincloss joined Amoco in 1992 immediately after completing his education. When Amoco merged with British Petroleum in 1998 to form BP, he continued his career with the combined company.

Over the following decades, he held senior roles in finance and management across tax, business development, mergers and acquisitions, and performance management. His career included periods as:

• Commercial director for BP's Onshore North America business
• CFO for BP's North Sea business
• Chief of staff to the BP CEO (2010–2013)

Following these financial and planning roles in Canada and the United States, Auchincloss developed broad expertise across BP's upstream operations.

Chief Financial Officer (2020–2023)

In July 2020, Auchincloss was appointed Chief Financial Officer of BP, succeeding Brian Gilvary. In this role, he oversaw the company's finances during a tumultuous period that included the COVID-19 pandemic's impact on oil demand and BP's pivot toward renewable energy under then-CEO Bernard Looney.

CEO tenure (2024–present)

In September 2023, Bernard Looney suddenly resigned as BP CEO after admitting he had not been "fully transparent" about personal relationships with colleagues. Auchincloss was immediately appointed interim CEO.

In January 2024, BP's board confirmed Auchincloss as permanent CEO. He has stated his goal is to more than double BP's market value to $200 billion.

Strategic pivot to fossil fuels

On February 26, 2025, Auchincloss announced a major strategic shift for BP: the company would scale back its renewable energy investments and prioritize oil and gas production. The plan includes:

• Increasing annual fossil fuel investments by 20% to $10 billion
• Cutting renewable energy funding by over $5 billion
• Focusing on returns and shareholder value over energy transition goals

The announcement marked a significant departure from the ambitious "net zero" targets set by Auchincloss's predecessor, reflecting broader industry skepticism about the pace of energy transition.

Personal life

Prior to becoming CFO in 2020, Auchincloss disclosed that he was in a relationship with a BP employee. A BP spokeswoman confirmed that the relationship did not represent a breach of the company's code of conduct and had been "fully and appropriately disclosed" to the group.

Auchincloss and his partner have one child together.

Controversies

Succession circumstances

Auchincloss's elevation to CEO came under unusual circumstances. His predecessor, Bernard Looney, resigned suddenly in September 2023 after admitting he had misled the company about the extent of his personal relationships with colleagues. The abrupt leadership transition raised questions about BP's governance and created uncertainty about the company's strategic direction.

Reversal on climate commitments

BP's February 2025 announcement that it would significantly reduce renewable energy investments and increase fossil fuel spending was criticized by environmental groups as a retreat from climate commitments. Critics argued that the company was abandoning its positioning as a leader in the energy transition in favor of short-term shareholder returns.

Supporters of the strategy shift argued that it reflected realistic assessments of energy transition timelines and the need to maintain profitability during the transition period.

Executive compensation

Auchincloss's compensation has drawn attention given BP's prominent position in debates over energy company profits:

• 2023 compensation: £8 million ($10 million), including:
  • Base salary: £1.02 million
  • Bonus: £1.8 million
  • Share-based rewards: £4.6 million
  • Other benefits

This made him one of the highest-paid executives in the United Kingdom.

Board memberships

• BP plc – Chief Executive Officer and Board Member
• Aker BP ASA (Norway) – Board of Directors