BP to Sell Majority Stake of Castrol
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A major stake in Castrol changes hands as BP restructures its involvement, marking a new phase for the 126-year-old lubricant brand’s global future
Meg O'Neill's appointment as chief executive of BP, the first woman to run an oil major, might clear the way for fresh merger talks with Shell
BP will sell 65% of Castrol to Stonepeak for $10.1 billion, generating $6 billion in net proceeds. The deal supports BP's strategy.
BP's share price is up over 15% year-to-date. It made gains in the previous session and after hours trading as investors responded to the news.
Woodside Energy’s boss Meg O’Neill has been appointed CEO of BP following the shock departure of Murray Auchincloss, the FTSE 100 company confirmed on Wednesday.
BP Plc was ousting its CEO and filling the role with an outsider, vetted during a top secret process that only a handful of people even knew was happening.
Meg O’Neill of Australia’s Woodside Energy will lead the British energy giant, replacing Murray Auchincloss, who will exit after less than two years in the role.
O’Neill’s track record in large LNG deals and upstream growth aligns with BP’s renewed focus on traditional energy.