BP's CEO will simplify the company structure by dividing it into upstream and downstream units

Meg O'Neill will be the new CEO of BP, and she is the fifth head to lead the oil giant since 2020. She took over the role on April 1.

The spokesperson confirmed an earlier Financial Times article about the changes.

A BP spokesperson stated that there was no timeline set for the 'new structure. BP has 'three main business divisions. Gas and Low Carbon Unit includes production focusing on gas. Oil production and operations includes the oil-focused production as well as its U.S. Onshore business. Customers and Products is comprised of its refined products unit and petrol retail station networks.

Carol Howle was named O'Neill's Deputy Chief Executive by BP two weeks ago. She will be responsible for the company's portfolio?review,?strategy and development, as well as supply, trading, and shipping.

BP 'had two main upstream /downstream units before CEO Bernard Looney restructured the organisation in 2020... for a major push into'renewable energy. For this, the company was punished by its investors.

(source: Reuters)