The oil major will merge its three current divisions into upstream and downstream units to enhance shareholder value and operational focus.
BP will reorganize its operations into two primary segments, Upstream and Downstream, effective 1 July 2026. The restructuring aims to simplify the company’s structure and improve performance amid governance concerns following the recent dismissal of its chair, Albert Manifold.
The new structure replaces the existing three-segment model, consolidating oil and gas regions, exploration, and production under Upstream. Downstream will oversee aviation, biofuels, hydrogen, and mobility, including the Castrol brand. Both segments will be led by experienced executives, with a permanent Downstream leader yet to be appointed.
The move follows a board decision to remove Manifold after less than a year in the role due to governance and oversight issues. BP stated the overhaul is designed to drive value growth for shareholders.