Oil giant BP to sell 65% stake in $10 billion Castrol unit [MSNBC.com]
BP p.l.c. (BP)
Last bp p.l.c. earnings: 4/29 04:01 pm
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Source: MSNBC.com
Britain'sBPseeking a buyerThe deal comes as the company looks to launch a strategic reset, including a green strategy U-turn and the divestment of $20 billion of assets by the end of 2027. The sale values Castrol at $10.1 billion. companies, including India's Reliance Industries and Saudi Arabia's oil behemoth Aramco, as well as private equity firms Apollo Global Management and Lone Star Funds, had all been touted as suitors for BP's Castrol unit in May, according toBloomberg"With this, we have now completed or announced over half of our targeted $20bn divestment programme, with proceeds to significantly strengthen bp's balance sheet," interim CEO Carol Howle said in a statement."The sale marks an important milestone in the ongoing delivery of our reset strategy. We are reducing complexity, focusing the downstream on our leading integrated businesses, and accelerating delivery of our plan."BP has the option to sell its remaining 35% stake in Castrol after a two-year lock-up period.The
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BP
News
- BP sells £4bn stake in Castrol [Yahoo! Finance]Yahoo! Finance
- Oil and gas industry scaling back its energy transition initiatives [Yahoo! Finance]Yahoo! Finance
- BP sells stake in motor oil arm Castrol for $6bn [Yahoo! Finance]Yahoo! Finance
- BP to Sell Majority Stake in Castrol Business for $6 Billion [Yahoo! Finance]Yahoo! Finance
- Oil giant BP to sell 65% stake in $10 billion Castrol unit [CNBC]CNBC
BP
Earnings
- 11/5/25 - Beat
BP
Sec Filings
- 12/18/25 - Form 25-NSE
- 12/18/25 - Form 6-K
- 12/1/25 - Form 6-K
- BP's page on the SEC website