BP Sells 65% Stake in Castrol to Stonepeak for $6bn, Retains 35%
On 24 December 2025, BP agreed to sell 65% of Castrol, its lubricants business, to New York-based Stonepeak for $6 billion, valuing Castrol at $10.1 billion. BP will retain a 35% stake in the company. Castrol produces lubricants for cars, motorcycles, and industrial vehicles. The deal provided BP with $6 billion in cash to reduce debt and concentrate on its core crude oil and gas business.
This transaction supports BP's plan to divest about $20 billion of assets by 2027, and after this sale, the company stated it is more than halfway to reaching that target. The sale marks a strategic shift away from green energy investments toward oil and gas, reflecting investor pressure concerning profits and share price.
Meg O'Neill is set to become BP CEO in April 2026, and interim CEO Carol Howle described the sale as a very good outcome for all stakeholders. This transaction follows previous disposals, including BP's US onshore wind energy business and its Dutch mobility and convenience arm. Following the announcement, BP shares initially rose but subsequently gave up most of the gains.
