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BP Says Following Two-Year Lock-Up Period, Has Optionality To Sell Its 35% Stake In Castrol

By Reuters News

Nov 2 (Reuters) - BP PLC BP.L:

  • BP: USING $6 BILLION IN AFTER-TAX PROCEEDS FROM CASTROL TRANSACTION TO FURTHER REDUCE FINANCIAL OBLIGATIONS

  • BP: FOLLOWING TWO-YEAR LOCK-UP PERIOD, BP HAS OPTIONALITY TO SELL ITS 35% STAKE IN CASTROL

  • BP: CASTROL'S DEBT-LIKE OBLIGATIONS ON BP'S BALANCE SHEET ARE RECOGNISED AT AROUND $0.3 BILLION AS AT 30 SEPTEMBER 2026

  • BP: WILL TREAT RETAINED STAKE IN CASTROL AS EQUITY ACCOUNTED INVESTMENT, DOES NOT EXPECT TO GET EARNINGS OR RECEIVE DIVIDEND IN SHORT TO MEDIUM TERM

  • BP: CASTROL'S NON-CONTROLLING INTERESTS ON BP BALANCE SHEET, MEASURED AT HISTORIC COST, ARE RECOGNISED AT AROUND $0.45 BILLION AS AT 30 SEPT 2026

Further company coverage: BP.L

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