BP divests US onshore midstream interests to Sixth Street for $1.5 billion

HOUSTON, November 3, 2025 – BP has sold non-controlling interests in its onshore midstream assets in the Permian and Eagle Ford basins to Sixth Street for USD 1.5 billion, the company said on Monday.

The deal allows BP to unlock capital from its US infrastructure while retaining operatorship and strategic control. The agreement is expected to support BP’s divestment target of USD 20 billion by the end of 2027.

The transaction will proceed in two phases, with around USD 1 billion paid at signing and the remainder due by year-end pending regulatory approvals. It covers pipelines and four central processing facilities in the Permian: Grand Slam, Bingo, Checkmate and Crossroads.

After completion, bpx energy will hold 51% of the Permian onshore midstream assets and 25% of those in Eagle Ford, maintaining operatorship while Sixth Street assumes non-operating positions.

“We are pleased to welcome Sixth Street as a co-owner… this transaction reinforces that we are on track to maximise the return on our investment,” bpx energy CEO Kyle Koontz said.

In the USA, BP operates across upstream, midstream and downstream segments. Its onshore subsidiary, bpx energy, manages assets in the Permian, Eagle Ford and Haynesville basins. Headquartered in Denver, bpx focuses on using advanced technologies to boost production and lower emissions, integrating with BP’s global trading and shipping businesses.

Sixth Street is a global investment firm with over USD 70 billion in assets under management, focused on providing long-term capital solutions through a range of investment strategies including growth equity, direct lending, infrastructure and special situations. Headquartered in San Francisco, the firm partners with companies across sectors and geographies, leveraging flexible capital and deep industry expertise to support strategic growth and transformation.

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