bp simplifies organizational structure, announces leadership appointments

bp will introduce a new organizational structure from July 1, 2026, as part of efforts to simplify the company, improve performance and increase value for shareholders, Report informs, citing the company.

Under the new structure, bp will be organized around two distinct business segments - Upstream and Downstream - replacing its current three-segment model.

Gordon Birrell has been appointed executive vice president of Upstream, while Richard Harding will serve as interim executive vice president of Downstream. The company said a recruitment process is underway to appoint a permanent executive vice president for Downstream.

bp Chief Executive Officer Meg O'Neill said the move would help accelerate delivery and strengthen execution.

"Over the past two months, I have spent time with our teams, partners and investors around the world, and I am encouraged by the strong support for our strategic direction. Focusing bp around two distinct segments is an important step in accelerating delivery. It will reduce complexity and strengthen execution," she said.

O"Neill added that bp has "an incredibly capable team" with deep expertise across the oil and gas value chain.

"We are capitalizing on opportunities across our portfolio, strengthening the balance sheet and unlocking sustainable growth. We are moving firmly towards a simpler, stronger and more valuable bp," she said.

The company said the two-segment model - one focused on resource development and production and the other on customers and markets - will clarify accountability and enable faster, more effective decision-making.

The Upstream segment will bring together bp's oil and gas regions, including exploration, development and production activities. It will also include bp's upstream joint ventures, as well as its renewable natural gas and carbon capture and storage businesses.

The Downstream segment will include refining, terminals, pipelines, mobility and convenience, biofuels, aviation, hydrogen and Castrol, aligning the way bp makes, moves and sells its products.

Supply, Trading & Shipping will continue to operate across both segments, supporting delivery and value creation across bp's integrated system. The company said this business remains a distinctive capability that connects the portfolio, optimizes flows and delivers material value uplift.

bp's renewable businesses, including solar and offshore wind, will sit within the Technology function as the company continues to pursue a capital-light model in these areas.

The company said the organizational changes build on its efforts to simplify its portfolio, reduce costs, maintain tight capital expenditure discipline and strengthen its balance sheet, with the aim of increasing value and returns for shareholders.