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.
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.