BP plc is undergoing a significant organizational restructuring, as recently confirmed by CEO Meg during her first earnings call. The company is simplifying its structure, with changes in leadership, including the departure of the Head of Gas and Low Carbon. BP's new structure will align more closely with the upstream and downstream segmentation seen at peers like Chevron.
Gordon Birrell will head its upstream division and Richard Harding was named interim head of downstream as BP implements a restructure to simplify operations and speed decision-making.
BP targets 100% reserve replacement by 2027, banks on new discoveries since 2025, short-cycle tiebacks and long-term growth projects.
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BP is up 45% in a year on 14 discoveries and refining tweaks, but Strait of Hormuz disruption risk clouds the case despite a 3.19x EV/EBITDA.
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BP gains operatorship of Azerbaijan's Babek gas field, which deepens its foothold in Azerbaijan's energy sector.
Ousted BP Chair Albert Manifold denied claims that he “bullied” colleagues in a new statement Thursday morning – though he acknowledged that he might have “pushed hard and challenged people directly.”
Ousted BP Chairman Albert Manifold met with activist shareholder Elliott Management during his tenure without telling fellow board members directly, two sources with knowledge of the matter told Reuters.
Energy major BP will become the operator of a large offshore natural gas production project in Azerbaijan - the Babek gas field - three industry sources told Reuters on Wednesday.
Ousted BP chair Albert Manifold rejects ‘lies' over his conduct