BP Sells Majority Stake in Castrol to Stonepeak for $6 Billion Amid Strategic Overhaul
BP has sold a 65% stake in Castrol to New York-based Stonepeak for $6 billion in cash, valuing the lubricants manufacturer at $10.1 billion. BP will retain a 35% stake in the business, which produces lubricants for cars, motorcycles, and industrial vehicles.
The proceeds from the sale will be used to pay down debt and strengthen BP's balance sheet as part of a broader plan to divest about $20 billion in assets by 2027. This deal is described as a milestone in BP's ongoing overhaul, aimed at reducing complexity and refocusing on its core oil and gas business.
This transaction follows other recent divestments by BP, including the sale of its US onshore wind energy business and its Dutch mobility and convenience arm. BP is shifting away from green energy investments amid investor pressure to concentrate on oil and gas production.
In related corporate news, Meg O’Neill was named as BP’s first female chief executive and will take over in April 2026, with Albert Manifold serving as chairman. BP shares initially rose following the announcement but later gave up most of the gains.
