bp sells bpx energy Permian, Eagle Ford assets to Sixth Street funds

bp PLC has agreed to sell Sixth Street Partners-managed funds non-controlling interests in Permian and Eagle Ford midstream assets of bpx energy, bp’s US onshore oil and gas business. bpx will remain operator of all the assets.

The assets include bpx’s pipelines and other infrastructure in the Eagle Ford and Permian basins, including four Permian central processing sites—Grand Slam, Bingo, Checkmate and Crossroads—with a combined capacity of 100,000 b/d of oil and 600 MMcfd of natural gas. These assets connect wells to third-party pipeline systems, transporting oil and gas to customers.

Following completion, bpx’s ownership interest in the Permian midstream assets will move to 51% (from 100%), while bpx’s ownership interest in the Eagle Ford midstream assets will move to 25% (from 75%). Sixth Street will hold the remaining, non-operating interests.

At its February 2025 Capital Markets Update, bp said it is targeting $20 billion in divestments by end 2027. The current transaction has a total consideration of $1.5 billion and is structured in two phases: approximately $1 billion paid upon signing with the balance expected by year end, subject to regulatory approvals.