What are the two new business units BP is restructuring into, and when does the reorganisation begin?

BP is restructuring into two main business units—upstream and downstream—and the reorganisation will start in June. This move was announced by CEO Meg O'Neill to staff and marks one of the first major strategic actions under her leadership, which began on April 1.

How will BP's gas, carbon capture and storage, and low carbon/biofuels businesses be reallocated under the new structure?

Under the new structure, BP's gas business and carbon capture and storage initiatives will move into the upstream unit, while low carbon and biofuels activities will shift to the downstream unit. This reallocation reflects BP's renewed focus on oil and gas investment and a simpler organisational design, reversing aspects of the 2020 reorganisation led by former CEO Bernard Looney that emphasised renewables.