BP Sells 65% Castrol Stake to Stonepeak for $10.1B; Stock Surges 8%

• BP to sell 65% stake in Castrol to infrastructure investment firm Stonepeak for $10.1 billion enterprise value.
• BP expects $6 billion net proceeds from the sale, which will be used to reduce its net debt, targeting $14-18 billion by 2027.
• Castrol India shares surged over 8% following the news of its parent company's significant stake sale.
• The deal is part of BP's 'reset strategy' to simplify its portfolio and focus on downstream businesses.
• A new joint venture will be formed with Stonepeak (65%) and BP (35%), with BP having an option to sell its remaining stake after two years.

Why It Matters: BP's Castrol stake sale to Stonepeak strengthens its balance sheet and supports strategic refocus.