BP, which last month fired its former chairman Albert Manifold over bullying allegations, is seeking to rebuild investor trust by cutting costs and debt while refocusing on its core oil and gas businesses. Manifold denies the allegations.
Following a traditional integrated oil and gas company structure, upstream will combine oil and gas activities, including exploration, development and production along with upstream joint ventures, renewable natural gas and carbon capture. Downstream will include refining, terminals, pipelines, mobility and convenience, biofuels, aviation, hydrogen and the Castrol lubricants brand.
BP will report profits from its large trading desk with gas and power in upstream, and oil and products in downstream. Renewables such as solar and offshore wind will move into a technology segment as BP scales back those investments. For operational purposes, the new structure will take effect from July 1, and for external purposes such as financial reporting from January 1, 2027.
Meg O’Neill, who started as CEO in April, said the changes will reduce complexity. Birrell previously led BP’s production and operations business and has held several senior roles. Harding replaces Emma Delaney, the former customers and products chief, who left in April.