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BP announced in a statement that Gordon Birrell had been appointed executive vice president, upstream, and Richard Harding will be interim executive vice president, downstream.
“Both bring decades of operational experience and leadership to their roles,” the company said.
A recruitment process is underway to appoint a permanent EVP downstream.
The new structure will replace bp’s existing three segments: production and operations, gas and low carbon energy, and customers and products.
BP said the new model for external reporting purposes will take effect from the financial year beginning January 1, 2027.
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,” BP said.
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 CCS businesses.
Downstream will include refining, terminals, pipelines, mobility and convenience, biofuels, aviation, hydrogen and Castrol.
Supply, Trading, and Shipping will continue to operate across both segments.
Renewable businesses, including solar and offshore wind, will sit within the technology function.
“Over the past two months, I have spent time with our teams, partners, and investors around the world, and I am encouraged by the strong support for our strategic direction,” CEO Meg O’Neill, who joined BP from Woodside this year, said.
“Focusing BP around two distinct segments is an important step in accelerating delivery. It will reduce complexity and strengthen execution,” she said.
“BP has an incredibly capable team, with deep expertise across the oil and gas value chain. We are capitalizing on opportunities across our portfolio, strengthening the balance sheet and unlocking sustainable growth. We are moving firmly towards a simpler, stronger, and more valuable BP,” O’Neill said.