Report
Stonepeak closes purchase of 65% of Castrol from BP
BP plans to use $6 billion to cut debt; it retains 35% of a new joint venture with Stonepeak.
TLDR
Stonepeak completed its purchase of a majority stake in Castrol on Nov. 2, 2026. BP plans to use $6 billion in after-tax proceeds to reduce debt and retains 35% of the new joint venture. Former Shell CEO Ben van Beurden will chair Castrol’s new board. BP’s reported net debt of $13.9 billion dates from the week before the sale closed.
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