UK-based bp has announced a restructuring plan to simplify its operations.
Starting July 1, the company will reorganize from three divisions into two main units: 'Upstream' and 'Downstream'. The previous structure included 'Production & Operations', 'Gas & Low Carbon Energy', and 'Customers & Products'.
CEO Murray Auchincloss stated that the new structure will enhance efficiency and streamline operations. Following the announcement, bp shares fell by 2.2%.
