BP sells 65% of Castrol to Stonepeak for more than 5 billion euros
The British oil company B.P. has reached an agreement with Stonepeak for the sale of 65% of Castrol, with an enterprise value of 8,572 million euros (10.1 billion dollars), which implies net income of approximately 5,092 million euros ($6 billion), which will retain a 35% minority stake in the automotive oils and lubricants brand.
The transaction, which expected to be completed by the end of 2026subject to regulatory approvals, is part of the divestment program for an amount of 20,000 million dollars (16,974 million euros) previously announced by BP and of which it has reached approximately 11,000 million dollars (9,335 million euros) to date. Once the transaction is completed, it will be constituted a new joint venture with a 65% stake in Stonepeak and 35% in BP. After a two-year lock-up period, BP has the option to sell its 35% stake in Castrol.
Debt reduction
The oil company has indicated that all funds from the sale of Castrol will be allocated to reduce net debt until reaching the objective that BP has set of between 11,882 and 15,277 million euros (14,000 and 18,000 million dollars) by the end of 2027. At the end of the third quarter of 2025, BP’s net debt was 22,151 million euros (26,100 million dollars).
BP’s forecast for divestment proceeds by 2025 reaches 3,395 million euros (about 4,000 million dollars), of which 1,700 million dollars (1,443 million euros) have been received according to the results of the third quarter of 2025, and the rest is expected to be received by the end of 2025.
