BP has announced a major organisational overhaul, simplifying its business into two core segments—Upstream and Downstream—in a move designed to improve performance, streamline operations, and enhance shareholder value.
Effective July 1, 2026, the new structure will replace the company’s existing three-segment model of Production & Operations, Gas & Low Carbon Energy, and Customers & Products. The reorganization comes as BP seeks to accelerate execution and sharpen its focus across the energy value chain.
Under the new framework, the Upstream segment will combine BP’s global oil and gas operations, including exploration, development, production, upstream joint ventures, renewable natural gas, carbon capture, and storage activities. Gordon Birrell will lead the division as Executive Vice President.
The Downstream segment will oversee refining, pipelines, terminals, aviation fuels, biofuels, hydrogen, mobility, convenience, and the Castrol brand. Richard Harding has been appointed Interim Executive Vice President while BP conducts a search for a permanent leader.
BP’s Supply, Trading & Shipping business will continue to operate across both segments, while the Technology function will report under Other Businesses & Corporate.
CEO Meg O’Neill said the restructuring reflects strong support from employees, partners, and investors for BP’s strategic direction. She noted that reducing complexity and strengthening execution will help the company capitalize on opportunities across its portfolio while building a stronger balance sheet and delivering sustainable growth.
The announcement follows recent leadership changes at BP, including the removal of former chairman Albert Manifold over governance-related concerns. External financial reporting will remain under the current three-segment structure through the end of 2026, with the new reporting framework taking effect on January 1, 2027.
The restructuring signals BP’s continued focus on operational efficiency and disciplined growth as it navigates an evolving global energy landscape.
Author: phinds