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BP has not ruled out major restructuring

July 27/2011

(Arabian Oil and Gas) -- BP has not ruled out major restructuring along the lines of the recently announced upstream/downstream split of ConocoPhillips, according to a Reuters report. The supermajor's CEO Bob Dudley said yesterday that BP will prosper either way once it gets beyond the current difficult transition period caused chiefly by giant liabilities arising from the Gulf of Mexico spill last year.

Speculation has grown in recent weeks as to whether BP might consider following ConocoPhillips (COP) in separating its exploration and production, or upstream, and refining and marketing, or downstream, divisions into different businesses.

This speculation has been fuelled by BP's Q2 results yesterday which undershot analysts' predictions and led shares down 2%.

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