Energy giant BP has agreed to sell a 65% stake in its Castrol motor oil business to US investment firm Stonepeak in a deal worth $6bn, valuing Castrol at $10.1bn.
BP will retain a 35% holding while using the cash proceeds to cut debt and sharpen its focus on its core oil and gas operations, marking a major step in its plan to divest $20bn of assets by 2027.
The sale reflects a broader strategic pivot away from green energy investments under investor pressure, mirroring similar moves by rivals, and comes amid leadership upheaval at BP with a new chair and a newly appointed chief executive set to take over in 2026. Investors welcomed the deal as a boost to BP’s balance sheet, though early share price gains eased later in the session.
