---
title: "BP PLC-Spons Sells Castrol Stake for $6 Billion to Repay Debt, Stonepeak Acquires 65%"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/303921713.md"
description: "BP PLC-Spons (BP) has completed the sale of a 65% stake in Castrol to Stonepeak Partners, generating $6 billion in after-tax proceeds for debt repayment. BP retains a 35% stake and will form a joint venture, aiming to streamline operations, focus on core business, and reduce financial burdens"
datetime: "2026-11-02T08:13:07.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/303921713.md)
  - [en](https://longbridge.com/en/news/303921713.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/303921713.md)
generator: "portal-rs"
---

# BP PLC-Spons Sells Castrol Stake for $6 Billion to Repay Debt, Stonepeak Acquires 65%

According to Zhitong Finance APP, BP PLC-Spons (BP.US) completed the transaction on Monday to sell a 65% stake in its Castrol lubricants business to U.S. private equity firm Stonepeak Partners. Following the completion of the deal, BP PLC-Spons received $6 billion in after-tax proceeds, which will be used to reduce debt and strengthen its financial position. BP PLC-Spons retains a 35% stake in Castrol and will establish a new joint venture with Stonepeak.

It is reported that BP PLC-Spons agreed to sell the aforementioned 65% stake at the end of last year, a move seen as a key milestone in resetting the company's business after years of underperformance. BP PLC-Spons is using excess cash to reduce its financial burden, including regular debt, hybrid bonds, leases, and settlement payments related to the Deepwater Horizon accident. The company is also advancing a series of asset disposals to streamline its business and focus investments on core upstream, downstream, and trading operations.

Last week, while announcing robust earnings, BP PLC-Spons stated that net debt had fallen to approximately $13.87 billion by the end of the third quarter, achieving its net debt target a year ahead of schedule.

Meg O’Neill, CEO of BP PLC-Spons, stated in a press release on Monday: "This transaction delivers significant cash proceeds to BP PLC-Spons today, while retaining a valuable stake in Castrol’s future growth. Castrol will now have greater independence to accelerate its next phase of development."

O’Neill, who became the first external CEO of BP PLC-Spons in April this year, is preparing to announce the company’s long-term strategy in December.

Stonepeak stated that with the completion of the transaction, Castrol has appointed a new board of directors, chaired by Ben van Beurden, former CEO of Shell (SHEL.US) and current Chairman of Clariant AG. The new board will include four independent directors (including the chairman), three directors affiliated with Stonepeak, two directors from BP PLC-Spons, and one director from CPP Investments; CPP Investments also participated in the investment as an indirect minority equity investor.

### Related Stocks

- [BP.US](https://longbridge.com/en/quote/BP.US.md)
- [SHEL.US](https://longbridge.com/en/quote/SHEL.US.md)

## Related News & Research

- [Stonepeak completes acquisition of 65% stake in Castrol from bp](https://longbridge.com/en/news/303957386.md)
- [Ex-Shell CEO van Beurden to chair Castrol as Stonepeak closes deal with BP](https://longbridge.com/en/news/303916215.md)
- [BP nets £4.4bn boost for balance sheet after Castrol deal completes](https://longbridge.com/en/news/303944387.md)
- [BP's Blowout Quarter Comes With a Big Catch](https://longbridge.com/en/news/303793740.md)
- [Deals of the day-Mergers and acquisitions](https://longbridge.com/en/news/305295169.md)

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**