bp (BP,BP.L) has reached an agreement for Sixth Street-managed funds to purchase 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. 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%.
The 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 the end of the year.
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Business News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.