BP is selling interests in BPX Energy-operated midstream assets in the Permian and Eagle Ford basins to Sixth Street, a private investor, for $1.5 billion.
BP announced the deal on 3 November, a day ahead of the scheduled release of its third-quarter 2025 results. The sale to Sixth Street of non-controlling interests in the Permian and Eagle Ford is in line with BP’s stated goal of divesting $20 billion by the end of 2027.
Under the deal, BPX retains operatorship and control of strategic midstream assets, BP said. The midstream assets include BPX’s pipelines and facilities in the Eagle Ford and Permian basins, including the four Permian central processing facilities known as Grand Slam, Bingo, Checkmate, and Crossroads. These assets connect wells to third-party pipeline systems.
Once the divestment transactions are complete, BPX’s interest in the Permian midstream assets will drop from 100% interest to 51%, while its interest in the Eagle Ford assets will drop from 75 to 25%. In both basins, Sixth Street will hold the remaining, non-operating interests.
BP said Sixth Street will pay BP about $1 billion on signing the deal and is expected to pay the balance by the end of the year, subject to regulatory approvals.