BP announced a new organizational structure effective July 1, 2026, transitioning from three segments to two core business segments: Upstream and Downstream. The Upstream division will consolidate oil and gas exploration, development, production, upstream joint ventures, renewable natural gas, and carbon capture and storage operations, while the Downstream division will encompass refining, terminals, pipelines, mobility and convenience, biofuels, aviation, hydrogen, and Castrol. Management stated the new structure aims to improve accountability, streamline operations, and enable faster decision-making. Separately, BP had been in advanced discussions to sell its UK North Sea assets to Ithaca Energy for nearly £2 billion, though negotiations reportedly stalled and no agreement was reached. The company continues to evaluate strategic alternatives to optimize its portfolio.
BP PLCRestructuring into two segments aims to improve efficiency, but no concrete financial impact yet; stalled North Sea asset sale adds uncertainty.
Ithaca Energy PLCAdvanced discussions to acquire BP's UK North Sea assets for nearly £2 billion stalled, deal not reached.