bp simplifies to two business segments and appoints segment chiefs

Structure change

From 1 July 2026 bp will move from a three‑segment model to two distinct business segments: Upstream (resource development and production) and Downstream (customers and markets). The change is intended to reduce complexity, clarify accountabilities and speed decision‑making.

Leadership

Gordon Birrell has been appointed executive vice president, Upstream. Richard Harding will serve as interim executive vice president, Downstream, while a recruitment process for a permanent Downstream EVP is under way.

Segment scope and functions

Upstream will bring together bp’s oil and gas regions, including exploration, development and production activities, plus 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 to connect the portfolio and optimise flows.

Renewables and rationale

Renewable businesses such as solar and offshore wind will sit within the Technology function as bp pursues a capital‑light model in those areas. The company says the reorganisation supports portfolio simplification, cost reduction, disciplined capex and a stronger balance sheet to grow shareholder value.