bp is streamlining its organisational structure to focus on Upstream and Downstream verticals – rather than the current three-segment structure. The move aims to improve performance while growing value for shareholders. Gordon Birrell will be executive vice president of Upstream, with Richard Harding as interim executive vice president of Downstream.
Upstream brings together bp’s oil and gas exploration, development and production regions, as well as the company’s upstream joint ventures and renewable natural gas and carbon capture and storage businesses. Downstream looks at how bp makes, moves and sells its products through focuses including refining, terminals, pipelines, mobility and convenience, biofuels, aviation, hydrogen and Castrol. Both segments will have elements of supply, trading and shipping.
Meg O’Neill, bp chief executive, states: ‘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. bp has an incredibly capable team, with deep expertise across the oil and gas value chain. We are capitalising 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.’
