100 days already Next Week

Research evidence excerpt

100 days already Next Week

BP plc (BP/ LN / BP)

Equity Research

July 3, 2026

CEO Meg O'Neill started effective 1 Aprilbp business re-organisation - go live date 1 Jul 2026

2026. Business reorganisation announced 9

9 Jun 2026 RNS: new organizational structure to simplify the company, improve performance and grow June 2026.

value for shareholders…bp will be organized around two distinct business segments – Upstream and

Downstream – replacing the current three segment structure…production and operations (P&O), gas and

low carbon energy (G&LCE), and customers and products (C&P)…the new model for external report will

take place from the financial year beginning 1 January 2027…Gas & power trading will be reported in

Upstream…oil & products trading in Downstream. Technology will be reported in Other Businesses &

Corporate (OB&C).

“Focusing bp around two distinct segments is an important step in accelerating delivery. It will reduce

complexity and strengthen execution.” CEO Meg O’Neill, 9 Jun 2026.

bp will be organized around two distinctOur understanding of management structure

business segments – Upstream and

CEO Meg O’Neil effective 1 April 2026 Downstream. Including CFO this means a

7 EVP management structure (reduction ofDirect reports: Chief of Staff Ann Davies, Strategy & Sustainability SVP Raffael Winter, Company

one to set-up prior to the announcement ofSecretary Ben Matthews

Ms O'Neill as CEO)

7 EVP Management structure: 2 BUSINESS SEGMENTS + ST&S + 4 FUNCTIONS

1. Upstream EVP Gordon Birrell (2020) 6 Regions + BPX “bring together bp’s oil & gas regions, inc.

exploration, development & production activities…also include upstream JV’s, renewable natural

gas and CCS businesses”

2. Downstream Interim EVP Richard Harding Refining, EV Chargers, AirBP, Mobility & Marketing