bp has reached an agreement with Sixth Street-managed funds for the sale of non-controlling interests in its Permian and Eagle Ford midstream assets. The transaction is valued at $1.5 billion and will be executed in two phases. Approximately $1 billion will be paid at signing, with the remaining amount expected by the end of the year, pending regulatory approvals.

The transaction supports bp’s ongoing efforts to optimize its US portfolio and unlock capital for reinvestment in high-return growth and low-carbon opportunities.

The midstream assets are operated by bpx energy, bp’s US onshore oil and gas subsidiary, which will retain operatorship of all facilities. The bpx portfolio includes pipelines and processing facilities across the two basins, notably four major Permian central processing facilities: Grand Slam, Bingo, Checkmate, and Crossroads.

Upon completion of both phases, bpx’s ownership in the Permian midstream assets will decrease from 100% to 51%, and its Eagle Ford midstream stake will fall from 75% to 25%. Sixth Street will hold the remaining non-operating interests.

In March 2025, bp agreed to sell a stake in a company holding a 12% interest in the Trans‑Anatolian Natural Gas Pipeline (TANAP) to Apollo Global Management for approximately $1 billion. The move is part of BP’s broader goal to divest assets and reduce its net debt.