BP Returns to Upstream-Downstream Structure Under New CEO

BP's new CEO, Meg O'Neill, is reviving an old structure for the company. The oil major will be reorganised into two main business units - upstream and downstream - a move that had been previously explored but ultimately abandoned in 2020 under then-CEO Bernard Looney.

The upstream unit will focus on oil production and operations, including its US onshore business and refinery operations. Meanwhile, the downstream unit will encompass fuel sales, petrol retail stations, and lubricants.

No clear timeline has been set for the reorganisation, which is part of BP's efforts to simplify its structure and become a 'simpler, stronger, more valuable' company.