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The Castrol Divestment: BP and Stonepeak Strategic Analysis
BP nears deal to sell 65% of Castrol to Stonepeak (valuing Castrol at about $10.1B)
What happened
BP says it agreed to sell a 65% stake in its Castrol lubricants business to U.S. investment firm Stonepeak for about $6B. BP keeps 35% in a JV and can sell the remainder after a 2-year lock-in. BP also referenced about $800M in accelerated dividend payments tied to the transaction, and the deal is expected to close by end of 2026.
Why it matters: this is a big step toward BP’s $20B asset-sale target and its plan to cut net debt toward roughly $14B–$18B by end of 2027.
Market read-through
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The skinny
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