BP simplifies structure to two segments, names new leadership

BP plc (NYSE: BP) announced plans to reorganize into two business segments beginning July 1, 2026, consolidating its current three-segment structure. The company will operate through Upstream and Downstream divisions.

Gordon Birrell has been appointed executive vice president of Upstream, while Richard Harding will serve as interim executive vice president of Downstream. BP said it is conducting a recruitment process to fill the permanent Downstream leadership position.

The Upstream segment will encompass oil and gas regions, exploration, development and production activities, upstream joint ventures, renewable natural gas and carbon capture and storage businesses. Downstream will include refining, terminals, pipelines, mobility and convenience, biofuels, aviation, hydrogen and Castrol operations.

BP's Supply, Trading & Shipping function will continue operating across both segments. Renewable businesses including solar and offshore wind will be housed within the Technology function.

"Focusing bp around two distinct segments is an important step in accelerating delivery. It will reduce complexity and strengthen execution," said Chief Executive Officer Meg O'Neill in the company statement.

The restructuring follows O'Neill's meetings with teams, partners and investors over the past two months. She stated the changes aim to clarify accountabilities and enable faster decision-making while the company works to strengthen its balance sheet and pursue growth opportunities across its portfolio.

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