BP Share News (BP.)

(Alliance News) - BP PLC on Tuesday announced plans to focus on two distinct business segments, Upstream and Downstream, replacing the current three-tier structure.

The London-based oil major said the changes, which will take effect on July 1, will "simplify the company, improve performance and grow value for shareholders."

Gordon Birrell has been appointed executive vice president, Upstream, and Richard Harding interim executive vice president, Downstream. "Both bring decades of operational experience and leadership to their roles," BP said.

A recruitment process is underway to appoint a permanent Executive Vice President, Downstream.

BP Chief Executive Officer Meg O'Neill, who joined the firm in April, said: "Focusing bp around two distinct segments is an important step in accelerating delivery. It will reduce complexity and strengthen execution."

The start of her tenure has been unsettled by the unexpected departure of Chair Albert Manifold after "serious concerns" were raised to the board "related to important governance standards, oversight and conduct." Manifold became chair of BP last October, after joining the board in September.

BP said the two-segment model – one focused on resource development and production, and the other on customers and markets – will clarify accountabilities and enable faster, more effective decision-making.

Upstream will bring together BP's oil and gas regions, including exploration, development and production activities. It will also include BP's upstream joint ventures and its renewable natural gas and carbon capture and storage businesses.

Downstream will include refining, terminals, pipelines, mobility and convenience, biofuels, aviation, hydrogen and Castrol.

Supply, Trading & Shipping will continue to operate across both segments.

Renewable businesses, including solar and offshore wind, will sit within the technology function as BP continues to advance a capital-light model in these areas.

"This organisational change builds on the concrete actions BP is taking to simplify its portfolio, reduce costs, maintain tight capex discipline and strengthen its balance sheet – all in service of growing value and returns for shareholders," the firm added.

Shares in BP were down 2.5% at 531.90 pence each in London on Tuesday.

By Jeremy Cutler, Alliance News reporter

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