Overview
- BP said the organisational change will take operational effect on July 1, 2026 and named Gordon Birrell as EVP of Upstream and Richard Harding as interim EVP of Downstream.
- Renewable businesses such as solar and offshore wind will move into BP’s Technology/Other Businesses function while the Supply, Trading and Shipping operation will run across both new segments.
- The company will keep external reporting under its current three-segment model through December 31, 2026 and switch financial reporting to the two-segment format on January 1, 2027.
- BP reiterated targets to cut net debt to between $14 billion and $18 billion by the end of 2027 and to realise up to $7.5 billion of cost savings by that date as part of a tighter capital plan.
- The overhaul follows recent boardroom turmoil, including the contested removal of chairman Albert Manifold, and leaves investors watching for a permanent downstream chief, a new chair and clearer governance oversight.