BP's new CEO to simplify company structure into upstream, downstream units

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BP

will reorganize into two main business ​units - upstream and ​downstream - under new CEO ​Meg O’Neill, who took the helm on April 1 to become the oil major’s fifth chief since 2020, a spokesperson said on Tuesday.

“In ⁠service ‌of becoming a simpler, stronger, more ⁠valuable BP, we intend to build an organisation with a clear upstream and downstream,” the spokesperson said, confirming an earlier Financial Times report about the change.

There is ‌no set timeline for the new structure, BP said.