bp: Simpler organisation

Research evidence excerpt

bp: Simpler organisation

Equity Research

European Integrated Energy

9 June 2026

bp

Simpler organisation

First Lookbp detailed its shift to a simpler two-segment model

(Upstream/Downstream) effective July 2026, confirming

leadership and scope. The structure restores clearer BP.L/BP/ LN OVERWEIGHT

European Integrated Energy POSITIVE

upstream accountability and aligns with peers. We see this as Price Target GBP 6.50

positive, but execution and delivery remain key. Price (08-Jun-26) GBP 5.46

Potential Upside/Downside +19.1%

Source: Bloomberg, Barclays Research

A few months after announcing a reset into upstream and downstream – six years after the

structure was first “reimagined” – bp has provided further details in a press release, including

key leadership appointments. Key takeaways: European Integrated Energy

Lydia Rainforth, CFA

•• Gordon Birrell has been appointed EVP, Upstream. Previously, he had been EVP Production +44 (0)20 3134 6669

and Operations since 2020. The Upstream division will bring together bp’s oil and gas regions, lydia.rainforth@barclays.com

Barclays, UK including exploration, development and production activities. It will also include bp’s

upstream joint ventures and its renewable natural gas and CCS businesses. Naisheng Cui, CFA

+44 (0)20 7773 0486

•• Richard Harding will be interim executive vice president, Downstream. He was previously EVP naisheng.cui@barclays.com

Customers and Products. A recruitment process is underway to appoint a permanent EVP Barclays, UK

Downstream. The Downstream division will include refining, terminals, pipelines, mobility Ramachandra Kamath

and convenience, biofuels, aviation, hydrogen and Castrol, aligning with how bp makes, +91 (0)22 61752308

moves and sells its products. ramchandra.kamath@barclays.com

Barclays, UK