BP announces two-segment overhaul to simplify operations

BP has announced plans to reorganise its operations into 2 superior concern segments, Upstream and Downstream, effectual from 1 July 2026.

The institution stated that the determination aims to simplify its organisational structure, amended show and absorption connected worth maturation for shareholders.

The announcement comes soon aft the dismissal of Albert Manifold arsenic BP’s seat and director.

Last month, the institution said Manifold was removed with contiguous effect pursuing “serious concerns” related to governance standards, oversight and conduct, a determination taken unanimously by the board. Manifold had served little than a twelvemonth successful the role.

Gordon Birrell volition instrumentality implicit arsenic enforcement vice-president for Upstream, portion Richard Harding volition service arsenic interim enforcement vice-president for Downstream.

A recruitment process is ongoing to prime a imperishable enforcement for the Downstream segment.

Both Birrell and Harding person extended acquisition successful operational leadership, according to bp.

The caller two-segment operation volition regenerate the existent statement of 3 segments, namely accumulation and operations, state and low-carbon energy, and customers and products.

The Upstream conception volition bring unneurotic bp’s lipid and state regions, overseeing exploration, improvement and accumulation activities.

It volition besides negociate the company’s upstream associated ventures and its renewable earthy state and c seizure and retention businesses.

Downstream volition see aviation, biofuels, the Castrol brand, hydrogen, mobility and convenience, pipelines, refining and terminals. This conception volition align bp’s activities relating to the production, proscription and merchantability of its products.

BP’s Supply, Trading & Shipping relation volition proceed to run crossed some segments.

The institution stated that this relation connects the portfolio, optimises flows and supports worth instauration passim the system.

BP CEO Meg O’Neill said: “Over the past 2 months, I person spent clip with our teams, partners and investors astir the world, and I americium encouraged by the beardown enactment for our strategical direction.

“Focusing bp astir 2 chiseled segments is an important measurement successful accelerating delivery. It volition trim complexity and fortify execution.

“BP has an incredibly susceptible team, with heavy expertise crossed the lipid and state worth chain. We are capitalising connected opportunities crossed our portfolio, strengthening the equilibrium expanse and unlocking sustainable growth. We are moving firmly towards a simpler, stronger and much invaluable bp.”

External fiscal reporting volition proceed nether the existing three-segment exemplary until 31 December 2026.