bp has announced a major organizational restructuring aimed at simplifying operations, strengthening execution capabilities, and delivering improved returns for shareholders. Effective July 1, 2026, the company will transition from its existing three-segment model to a streamlined structure built around two core business segments: Upstream and Downstream.
The new framework is designed to sharpen accountability, accelerate decision-making, and align the company more closely with its long-term growth strategy. As part of the leadership transition, Gordon Birrell has been appointed Executive Vice President of Upstream, while Richard Harding will serve as Interim Executive Vice President of Downstream. The company has initiated a global search for a permanent leader for the Downstream business.
Chief Executive Officer Meg O’Neill said the reorganization reflects strong support from employees, partners, and investors for bp’s strategic direction. She emphasized that a simpler structure will enable the company to operate more efficiently while improving execution across its portfolio.
Under the revised model, the Upstream segment will bring together bp’s oil and gas exploration, development, and production activities across all operating regions. The business will also oversee upstream joint ventures, carbon capture and storage initiatives, and renewable natural gas operations. By consolidating these activities, bp aims to improve resource management and enhance operational performance across its energy production portfolio.
The Downstream segment will integrate refining, terminals, pipelines, aviation fuels, biofuels, hydrogen, mobility and convenience operations, as well as the Castrol lubricants business. The alignment is expected to strengthen the company’s ability to manufacture, distribute, and market energy products more effectively while improving responsiveness to customer and market needs.
Supply, Trading & Shipping will continue operating across both segments, maintaining its role as a strategic capability that connects the portfolio, optimizes product flows, and generates additional value across the integrated business. Meanwhile, solar and offshore wind activities will be managed within the company’s Technology function as bp continues pursuing a capital-efficient approach to renewable energy development.
The restructuring forms part of a broader transformation program focused on portfolio simplification, disciplined capital allocation, cost reduction, and balance sheet strengthening. These measures are intended to support sustainable growth while enhancing long-term competitiveness.
By adopting a more focused operating model, bp aims to improve agility, strengthen performance, and position the company to capitalize on opportunities across the global energy value chain. The move represents another step in bp’s efforts to create a stronger, more resilient business capable of delivering consistent value to shareholders and customers alike.
