bp CEO Meg O’Neill moves to simplify structure, refocus on upstream-downstream model

(Bloomberg) -- bp Plc’s new Chief Executive Officer Meg O’Neill is restructuring the company and consolidating its leadership, moving quickly to fulfill her remit of turning around the beleaguered energy giant after years of underperformance. 

In O’Neill’s first internal all-staff call, she told employees on Tuesday that the London-based company is moving to a traditional upstream-downstream model, according to employees on the call. She did not say who would be leading the two divisions — focused on exploration and production, and refining, respectively.

Those two units are also expected to absorb the other divisions under bp’s structure of recent years such as technology, legal, gas and low-carbon and human resources.

The restructuring is an effort to simplify the oil major, a priority O’Neill outlined in an email to staff when she took over on April 1.

O’Neill told staff her focus is on rebuilding trust with employees, which some said was received well after faith in the senior leadership team plummeted in recent years, according to people familiar with the matter.

Above image: Bloomberg