BP has pared back its Net Zero division as it pivots back towards oil and gas.
The company has confirmed that it will be split into two divisions – upstream and downstream.
It currently operates with three divisions, with one focused on “gas and low carbon energy”.
Renewables fall under this division, but will next year come under a separate “Other Businesses” segment.
The shift marks a return to the company structure BP abandoned six years ago, when it attempted to pursue a greener agenda.
Then chief executive Bernard Looney introduced the gas and low carbon energy division as part of this green drive.
But under current chief executive, Meg O’Neill, BP has rowed back.
She said of the latest move: “Focusing BP around two distinct segments is an important step in accelerating delivery. It will reduce complexity and strengthen execution.
The shift marks a return to a previous structure not seen in six years
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“BP has an incredibly capable team, with deep expertise across the oil and gas value chain. We are capitalising on opportunities across our portfolio, strengthening the balance sheet and unlocking sustainable growth.
“We are moving firmly towards a simpler, stronger and more valuable BP.”
The company announced last year that it would be cutting renewable energy investments to focus on increasing oil and gas production.
It had come under increasing pressure from investors unhappy that its profits and share price were lower than its rivals.
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BP said the move will 'simplify' its operations - but it will not be a popular decision amongst its critics
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Bosses suggested it had gone “too far, too fast” in moving away from fossil fuels.
The new upstream division will include oil and gas, including exploration and production.
It will also include renewable natural gas and carbon capture and storage.
Downstream will include refining, terminals, pipelines, biofuels, aviation and hydrogen.
BP said that the move will “simplify the company, improve performance and grow value for shareholders”.
The energy giant hit the headlines last month when chairman, Albert Manifold, was removed with immediate effect.
Mr Manifold had only been appointed in October, but the board ousted him, citing “serious” and “unacceptable” governance concerns.
Mr Manifold has rejected the claims and says no issues were raised with him during his tenure.