BP is simplifying its operations by reorganizing into two core business segments—Upstream and Downstream—effective July 1, 2026, to improve performance, reduce complexity, and drive shareholder value. The move consolidates oil, gas, carbon capture, and renewable natural gas activities under Upstream, while refining, fuels, mobility, hydrogen, and Castrol operations will be managed under Downstream.

BPX is driving BP’s growth with the vast majority of wells drilled YTD concentrated in onshore shale plays, supported by repeat contractor activity like Nabors rigs that signal efficient, scalable operations. This aligns with BP’s strategy to prioritize short-cycle, capital-efficient assets that deliver fast returns and stable production.

BP plans to simplify its structure into two core units—upstream and downstream—marking a shift back to a traditional oil and gas model under new CEO Meg O’Neill. The move, influenced by investor pressure, signals a renewed focus on operational efficiency, core assets, and financial performance.

Meg O’Neill, CEO of Woodside Energy, has resigned to take over as Chief Executive Officer of BP, marking one of the most consequential executive moves in Big Oil in recent years. The appointment makes O’Neill BP’s first female CEO in its 116-year history and signals a decisive shift in strategy for the UK supermajor.

BP’s latest earnings call made something very clear: the Eagle Ford is back — and performing better than ever.
Modern drilling and completions technology are unlocking new value from old rock, and BP says two techniques are leading the way: downspacing and refracs.

BP (NYSE: BP) has announced the sale of non-controlling interests in its Permian and Eagle Ford midstream assets to funds managed by Sixth Street for total consideration of $1.5 billion. The assets are held by BP’s U.S. onshore subsidiary, bpx energy, and include an extensive portfolio of pipelines and processing facilities that support upstream production in two of the most active shale basins in North America.

British energy major BP (NYSE:BP) is doubling down on its U.S. offshore strategy, moving forward with a $5 billion deepwater development in the Gulf of Mexico that underscores the company’s long-term commitment to oil production.

With a sharp pivot back to hydrocarbons and a clear-eyed focus on capital efficiency, BPX is emerging as a key growth engine for BP. The second half of 2025 will be defined by continued infrastructure ramp-up, disciplined well delivery, and maximizing cash returns from top-tier shale acreage.

One of the brightest spots for BP in Q1 2025 came from its exploration success in the Gulf of America, BP announced a major new discovery in the region, contributing to what it described as its “best quarter for exploration in a very long time.”

BP is doubling down on its U.S. natural gas production, particularly in the Haynesville Basin, as domestic gas prices surge. CEO Murray Auchincloss, speaking at the CERAWeek conference in Houston, highlighted the company’s renewed focus on oil and gas, marking a strategic pivot from its previous emphasis on renewable energy.