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BP Reshapes Business Structure into Upstream, Downstream Segments

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Oil and gas giant BP (BP.L) is consolidating its existing three-segment business structure into two distinct segments, upstream and downstream, to boost accountability and enable efficient decision-making.

The reorganization will be effective from July 1, according to a Tuesday release.

The upstream division will focus on resource development and production, and will be led by Executive Vice President Gordon Birrell.

On the other hand, the downstream segment will cover customers and markets. The company named Richard Harding as an interim executive vice president for downstream while it searches for a permanent head of the unit.

BP clarified that supply, trading and shipping will continue to operate across both segments, and renewable businesses, including solar and offshore wind, will remain within the technology function.

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