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Add as a preferred source on GoogleBP Completes Castrol Stake Sale With $6 Billion in After-Tax Proceeds
BP retained a 35% interest in the lubricants brand and is using the proceeds to reduce its financial obligations.
BP completed the transfer of a majority stake in Castrol to Stonepeak on Monday, receiving $6 billion in after-tax proceeds that it is using to reduce financial obligations.
Stonepeak acquired 65% of the lubricants brand, leaving BP with a 35% interest. BP is applying the proceeds in line with its priority of strengthening its balance sheet.
BP previously reached its 2027 net-debt target ahead of schedule after net debt fell about $8 billion over three months.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.