Sparks - bp

bp (LSE: BP) announced that, from 1 July 2026, it will simplify its organisational structure around two distinct business segments, Upstream and Downstream, replacing its current three-segment structure of production and operations (P&O), gas and low carbon energy (G&LCE) and customers and products (C&P). Gordon Birrell has been appointed executive vice president, Upstream, while Richard Harding will serve as interim executive vice president, Downstream, with a recruitment process underway for a permanent appointment. Upstream will include bp’s oil and gas regions, covering exploration, development and production as well as upstream joint ventures, renewable natural gas and CCS. Downstream will include refining, terminals, pipelines, mobility and convenience, biofuels, aviation, hydrogen and Castrol.

Supply, Trading & Shipping will continue to operate across both segments, with gas and power trading reported in Upstream and oil and products trading in Downstream. Renewable businesses, including solar and offshore wind, will sit within Technology, which will be reported in Other Businesses & Corporate. For external financial reporting, bp’s current IFRS reportable segments will remain in place until 31 December 2026, with the new reporting model taking effect from FY27. Management stated that the change is intended to simplify the company, reduce complexity, clarify accountabilities and enable faster, more effective decision-making, while supporting bp’s focus on improving performance and growing value for shareholders.