bp Castrol Stake Sale to Stonepeak Valued at USD 10.1 Billion

On December 24, bp Castrol stake sale plans were formally outlined as bp confirmed an agreement to divest a 65% ownership interest in Castrol to Stonepeak, valuing the business at an enterprise level of USD 10.1 billion. The transaction is scheduled for completion by the end of 2026, subject to customary regulatory clearances.
bp Castrol Stake Sale Aligned With Strategic Divestment Plan
The bp Castrol stake sale forms a key component of bp’s previously communicated USD 20 billion divestment programme. With this agreement, bp’s total completed and announced divestments now stand at approximately USD 11.0 billion, reinforcing its focus on disciplined portfolio management and capital allocation.
Financial Impact and Debt Reduction Objectives
Proceeds generated from the bp Castrol stake sale will be fully directed toward lowering bp’s net debt. This supports the company’s stated objective of bringing net debt within the USD 14–18 billion range by the end of 2027, strengthening its balance sheet and improving financial flexibility amid ongoing energy transition investments.
Retained Ownership and Future Optionality

• Despite the majority divestment, bp will retain a 35% stake, ensuring continued exposure to Castrol’s long-term growth strategy.

• This minority holding allows bp to benefit from future value creation while limiting capital intensity.

• After a two-year lock-up period, bp retains the option to divest its remaining shareholding, offering strategic flexibility based on market conditions.