%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment Oil major British Petroleum (NYSE: $BP ) has agreed to sell a 65% stake in its Castrol lubricant business to investment firm Stonepeak for $6 billion U.S. The sale comes months after British Petroleum, or BP as the company is commonly known, announced that it was seeking a buyer for the Castrol unit, which focuses on motor oil. BP has a goal to divest $20 billion U.S. of assets by the end of 2027 as it seeks to improve its balance sheet and boost its stock price. The sale values Castrol at $10 billion U.S. The British energy giant has the option to sell its remaining 35% stake in Castrol after a two-year lock-up period, said the company in a news release. The Castrol sale comes days after BP announced the appointment of a new chief executive officer (CEO), its fourth in six years. Former Woodside Energy (WDS) boss Meg O'Neill will become CEO on April 1, replacing Murray Auchincloss who lasted less than two years in the top job. BP has underperformed its peers in recent years, having reported declining annual profits in 2023 and 2024 as it pursued a green energy strategy that it has since abandoned. Over the past year, BP has undergone a leadership shake-up, announced its cost-cutting program, and reported a number of new oil discoveries as it tries to get back on track. So far this year, BP stock has gained 16% to trade at $34.58 U.S. per share in New York.