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BP said in April it would restructure along those lines, though it did not give a timeline.
BP will begin restructuring into two main units, upstream and downstream, starting in June.
KEY POINTS
- Gas business and carbon capture will move to upstream, while low carbon and biofuels shift to downstream.
- The restructuring reverses the 2020 strategy that separated gas and low-carbon from oil operations.
- CEO Meg O'Neill is prioritizing a simpler structure with renewed emphasis on oil and gas investments.
COMPANIES
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