Oil giant BP to sell 65% stake in $10 billion Castrol unit

The oil giant is looking to divest $20 billion of its assets by the end of 2027.

Oil giant BP to sell 65% stake in $10 billion Castrol unit

TL;DR

  • BP is selling a 65% shareholding in Castrol to Stonepeak for $6 billion.
  • The sale values Castrol at $10.1 billion.
  • This divestment is part of BP's plan to divest $20 billion of assets by the end of 2027.
  • BP has the option to sell its remaining 35% stake in Castrol after a two-year lock-up period.
  • The company recently announced the appointment of Meg O'Neill as its new CEO, effective April 1.
  • BP has reported declining annual profits in 2023 and 2024 and has underperformed compared to peers.
  • The company's share price has seen a modest increase of around 9% so far this year.

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