Oil giant BP has confirmed plans for a restructuring after the group's new boss spoke of the group's 'dreadful' performance.
The firm said it would outline details of the overhaul before its third quarter results next month.
A Financial Times report today suggested BP's new chief executive Tony Hayward had told staff of the overhaul at a meeting in the US amid warnings that the group's latest set of figures would be 'dreadful'.
But BP said today that Mr Hayward was preparing staff for poor operational performance results rather than a significant hit to profits.
The FT reported that Mr Hayward told BP workers that the company's financial performance was at its worst since 1992-93.
Mr Hayward, who took over from John Browne as chief executive in May, reportedly blamed BP's underperformance on missing revenues from its Texas City and Whiting refineries in the US.
BP has yet to recover from the fallout of the Texas City refinery explosion in 2005, which killed 15 people and raised doubts about safety across the group's US facilities.
