bp today set out its new organizational structure to simplify the company, improve performance and grow value for shareholders.\u00a0<\/p>\n
From 1 July 2026, bp will be organized around two distinct business segments \u2013 Upstream and Downstream \u2013 replacing the current three-segment structure.\u00a0Gordon Birrell has been appointed executive vice president, Upstream; and Richard Harding will be interim executive vice president, Downstream. Both bring decades of operational experience and leadership to their roles. A recruitment process is underway to appoint a permanent EVP Downstream.<\/p>\n
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\u201cFocusing\u00a0bp around two distinct segments is an important step in accelerating delivery.\u00a0It will reduce complexity and strengthen\u00a0execution.\u201d<\/p>\n
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Meg O’Neill, chief executive officer\u00a0<\/p>\n
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Meg O\u2019Neill, bp chief executive, said: \u201cOver 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.\u00a0<\/p>\n
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\u201cbp 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.\u201d<\/p>\n
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The two-segment model \u2013 one focused on resource development and production, and the other on customers and markets \u2013 will clarify accountabilities and enable faster, more effective decision-making.<\/p>\n
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Upstream will bring together bp\u2019s oil and gas regions, including exploration, development and production activities, streamlining how the company finds, develops and produces the energy the world needs. It will also include bp\u2019s upstream joint ventures and its renewable natural gas and CCS businesses.\u00a0<\/p>\n
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Downstream will include refining, terminals, pipelines, mobility and convenience, biofuels, aviation, hydrogen and Castrol, aligning how bp makes, moves and sells its products.<\/p>\n
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Supply, Trading & Shipping will continue to operate across both segments, supporting delivery and value creation across the integrated system. As a distinctive capability for bp, it connects the portfolio, optimizes flows and delivers material value uplift.\u00a0<\/p>\n
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Renewable businesses, including solar and offshore wind, will sit within the Technology function as bp continues to advance a capital-light model in these areas.<\/p>\n
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This organizational change builds on the concrete actions bp is taking to simplify its portfolio, reduce costs, maintain tight capex discipline and strengthen its balance sheet \u2013 all in service of growing value and returns for shareholders.<\/p>\n","protected":false},"excerpt":{"rendered":"bp today set out its new organizational structure to simplify the company, improve performance and grow value for…\n","protected":false},"author":2,"featured_media":73373,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[224062,5541,114,85,46,5540],"class_list":["post-483928","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-board-and-leadership-team","tag-bp-global-news","tag-business","tag-il","tag-israel","tag-press-release"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/483928","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=483928"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/483928\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/73373"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=483928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=483928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=483928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}