Bp Agrees $1.5B Deal With Sixth Street For Midstream Stake Sale

2025-11-03 03:05:34

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 3. bp has agreed to sell non-controlling interests in its bpx energy midstream assets in the Permian and Eagle Ford basins to funds managed by Sixth Street for $1.5 billion, Trend reports.

bpx will remain the operator of all assets.

The transaction will be completed in two phases, with around $1 billion paid at signing and the remainder expected by year-end, pending regulatory approvals.

The assets include pipelines and processing facilities, such as the Grand Slam, Bingo, Checkmate, and Crossroads plants, that connect bpx's wells to third-party systems for delivery to customers.

Following the deal, bpx will retain 51% ownership in the Permian midstream assets and 25% in the Eagle Ford assets, with Sixth Street holding the rest.

bpx Energy CEO Kyle Koontz said the partnership "reinforces that we are on track to maximize the return on our investment in these basins". The sale supports bp's broader plan to achieve $20 billion in divestments by 2027.

MENAFN03112025000187011040ID1110284806

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.