CEO Meg O'Neill announced a reorganization simplifying BP from three business segments to two. The new structure consists of Upstream and Downstream divisions.
This change takes effect July 1, 2026. The shift aims to increase shareholder value by focusing on core oil and gas operations.
The move reverses a 2020 strategy that emphasized low-carbon ventures. This restructuring marks one of O'Neill's first major actions since becoming CEO on April 1, 2026.
Gordon Birrell will become executive vice president of Upstream. Richard Harding will serve as the interim executive vice president for Downstream. The plan responds to investor demands for a simplified business model.