CEO Meg O'Neill announced a major reorganization to refocus BP on oil and gas. Effective July 1, the company will consolidate its three business segments into two divisions: Upstream and Downstream. This structure aims to simplify operations and improve performance for shareholders.
The overhaul reverses a 2020 restructuring that prioritized low-carbon energy. Gordon Birrell will lead the Upstream division, managing oil and gas exploration and production. Interim head Richard Harding will lead the Downstream unit, overseeing refining, mobility, and biofuels.
BP will move its solar and offshore wind businesses into its technology function.