BP, the British oil giant, undergoes a major reshuffle with its new CEO, announcing a full return to the "oil and gas era."

``` BP, the British oil giant, is pushing forward its strategic transformation at maximum speed. On Tuesday, newly appointed CEO Meg O’Neill announced a comprehensive restructuring of the company’s leadership and reporting framework, refocusing BP’s core business on oil and gas and completely reversing the low-carbon transition strategy led by former CEO Bernard Looney in 2020. According to the new plan, starting from July 1, BP will establish two main business segments. Gordon Birrell will serve as Executive Vice President of Upstream, in charge of oil and gas exploration, development, and production; Richard Harding will serve as Interim Executive Vice President of Downstream, overseeing refining, retail stations, and lubricants. BP stated that the restructuring does not involve layoffs. Barclays analyst Lydia Rainforth noted in a research report that the new structure “restores clearer upstream accountability and aligns BP with industry peers.” She considered the changes to be “positive, but execution and implementation remain key.” The restructuring comes after a period of upheaval for BP. Non-Executive Chairman Albert Manifold was suddenly dismissed in late May, after only about eight months in the role. O’Neill, upon taking office, informed employees about the planned restructuring, which is widely seen as a major step to rebuild internal trust and drive strategic transformation. Structural Overhaul: Saying Goodbye to Low-Carbon Transition, Returning to Oil & Gas Core Business At its core, the restructuring completely overhauls the strategic direction established under Looney. In 2020, Looney drove BP to pivot strongly toward low-carbon operations and actively reduce fossil fuel assets. O’Neill’s new structure, however, brings BP’s operating model back in line with that of other major international oil companies. Birrell will head the upstream segment, fully responsible for oil and gas exploration, development, and production, as well as upstream joint ventures. The division also includes renewable natural gas and carbon capture and storage. Birrell has served as BP’s top exploration and production executive under several CEOs, bringing extensive upstream experience. Harding is in charge of the downstream segment, which covers refining, terminals, pipelines, retail stations, biofuels, aviation fuels, hydrogen, and lubricants. Harding was called out of retirement in April this year to take the role, and the company has already launched a search for a permanent candidate. Notably, renewable energy businesses such as solar and offshore wind have been reassigned to the technology function headed by Executive Vice President Emeka Emembolu and will no longer operate as independent strategic divisions—their strategic importance is significantly marginalized. Rebuilding Amid Strategic Transformation Pressure O’Neill’s core task is to complete the revitalization plan initiated last year by former CEO Murray Auchincloss. BP’s share price has long underperformed its peers, and activist shareholder Elliott Investment Management’s involvement has significantly accelerated this turnaround process. Current strategic priorities include divesting underperforming assets, paying down debt, and cutting costs. BP had already suspended its share buyback plan in February, before O’Neill took office. In a statement issued on Tuesday, BP said, “This organizational change is a continuation of a series of specific actions BP is taking to simplify its portfolio, reduce costs, maintain strict capital expenditure discipline, and strengthen the balance sheet—all aimed at creating greater value and returns for shareholders.” Risk Warning and Disclaimer Markets are risky, and investments should be made with caution. This article does not constitute individual investment advice and does not take into account the specific investment objectives, financial situations, or needs of any individual user. Users should consider whether any opinions, views, or conclusions in this article suit their circumstances. Any investment decisions made based on this are at their own risk. ```