BP Stock News

BP has agreed to sell a 65% shareholding in lubricants business Castrol. The deal comes as the company looks to divest of $20 billion of assets by the end of 2027.

BP on Wednesday said it has agreed to sell a 65% stake in its Castrol unit to investment firm Stonepeak for about $6 billion.

LONDON & NEW YORK--(BUSINESS WIRE)--Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced an agreement to acquire a majority controlling interest in Castrol (or “the Company”), a global leader in lubricants, from BP p.l.c. (“bp”) (NYSE: BP) (LON: BP), in a transaction valuing the business at an enterprise value of approximately $10.1 bi...

BP is nearing a sale of a majority stake in its Castrol lubricants business to investment firm Stonepeak in a deal that values the entire division at $10 billion including debt, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.

Sale of lubricants business is part of British energy giant's plan to raise $20 billion from asset sales

After BP PLC (LSE:BP.) named Meg O'Neill as its chief executive, the first time an external candidate has taken the helm in the company's 115-year history, analysts at UBS said the appointment looked designed to accelerate the change in strategic direction announced earlier this year, particularly around culture and returns-focused growth.

British oil giant BP just announced a new CEO, marking its fourth chief executive shake-up in the last six years alone.

Former Exxon executive Meg O'Neill is set to become the first woman to lead an oil major.