LLOG Exploration Company LLC
12/25/2025 | Press release | Archived content
BP to Sell 65% Stake in Castrol to Stonepeak for $6B to Cut Debt
ExpandBP's $6 billion sale of a stake in Castrol is part of its strategy to reduce debt. (Shutterstock)
R
By
Reuters
December 25, 2025 10:42 AM CST
Key Takeaways
- BP retains 35% interest in new joint venture with Stonepeak.
- Sale proceeds to reduce BP's debt, includes $800 million for dividends.
- Canada Pension Plan to invest $1.05 billion, gain indirect stake in Castrol.
BP has agreed to sell a 65% stake in its Castrol lubricants business to U.S. private equity firm Stonepeak for about $6 billion, a significant step in the oil major's $20 billion divestment plan aimed at cutting debt and boosting returns.
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