bp has reached an agreement for the investment firm Sixth Street to acquire non-controlling interests in the Permian and Eagle Ford midstream assets (United States) currently owned and operated by bpx energy, bp’s US onshore oil and gas business (bp press release, 03/11/2025).
- The bpx midstream portfolio includes pipelines and facilities in the Eagle Ford and Permian basins, notably four central processing facilities in the Permian (Grand Slam, Bingo, Checkmate, and Crossroads).
- These assets connect wells to third-party pipeline systems, transporting oil and gas to customers.
- The transaction is valued at US$1.5bn and will be completed in two phases: around US$1bn will be paid at signing, with the remainder expected by the end of 2025, pending regulatory approvals.
Upon completion of the transactions, bpx’s ownership in the Permian midstream assets will decrease from 100% to 51%, while its stake in the Eagle Ford midstream assets will fall from 75% to 25%. Sixth Street will hold the remaining non-operating interests.
This announcement follows bp’s February 2025 statement that the company aims to achieve US$20bn in divestments by the end of 2027.