BP sells stake in motor oil arm Castrol for $6bn [Yahoo! Finance]
BP p.l.c. (BP)
Last bp p.l.c. earnings: 4/29 04:01 pm
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Source: Yahoo! Finance
The oil giant sold a 65% stake in Castrol, which makes lubricants for cars, motorcycles and industrial vehicles, to New York-based Stonepeak. The deal valued Castrol at $10.1bn (£7.5bn), with BP receiving $6bn in cash, which it will use to pay down debts and allow it to focus on its core business. BP will hold onto a 35% stake in Castrol, which it first took control of in 2000. The London-based oil major said the sale is a "milestone" in its plans to overhaul its business and strip out costs. BP in February announced plans to sell off $20bn (£15bn) worth of assets in a bid to focus on its core crude oil and gas business and strengthen its balance sheet. It is also shifting its strategy away from investment in green energy and renewing its focus on oil and gas following pressure from some investors who were frustrated that its profits and share price had lagged behind rivals. Rivals Shell and Norwegian company Equinor have also scaled back plans to invest in green energy a
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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
- Oil giant BP to sell 65% stake in $10 billion Castrol unit [MSNBC.com]MSNBC.com
- 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