bp sells 65% of Castrol to Stonepeak
Key highlights
Transaction
bp has completed the sale of a 65% stake in Castrol to Stonepeak, while retaining a 35% ownership interest.
Use of proceeds
bp will apply the $6 billion in after‑tax proceeds to further reduce financial obligations, aligned with its stated priority of strengthening the balance sheet.
Operational setup
Under the new ownership structure, Castrol will operate as a standalone company with its own management team, governance and strategic priorities.
Executive commentary
bp described the deal as delivering meaningful cash now while preserving participation in Castrol’s future growth. Castrol’s CEO said the business begins its next phase from a position of strength and looks forward to working with Stonepeak and a newly formed board to build on momentum.
Source: bp