Financial Wire

Update: Market Chatter: BP to Streamline Structure With Two Core Units

-- (Updates to add statement from BP)

BP (BP.L) Chief Executive Officer Meg O'Neill is planning to restructure the oil and gas giant into two business units, London's Financial Times reported Tuesday.

O'Neill said one of the units will focus on oil and gas production, while the other will oversee refining, distribution, and retail, to boost efficiency, the report said. However, she did not declare a timeline for the proposed changes.

"In service of becoming a simpler, stronger, more valuable bp, we intend to build an organisation with a clear upstream and downstream," a spokesperson for BP said in response to a request for comment from.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Update: Market Chatter: BP to Streamline Structure With Two Core Units | Financial Wire