HOUSTON, TEXAS (By Isaac Silvestre, Energy Analytics Institute, 3.Nov.2025, Words: 320) — bp 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.
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The transaction has a total consideration of $1.5bn and is structured in 2 phases: approximately $1bn paid upon signing with the balance expected by year-end 2025, subject to regulatory approvals, the UK-based company announced on 3 Nov. 2025 in an official statement.
The bpx midstream assets encompass bpx’s pipelines and facilities in the Eagle Ford and Permian basins, including 4 Permian central processing facilities – Grand Slam, Bingo, Checkmate and Crossroads. These assets connect wells to 3rd party pipeline systems, transporting the oil and gas to customers.
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Following completion of both transactions, 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.
Kyle Koontz, CEO of bpx energy, said: “We are pleased to welcome Sixth Street as a co-owner in our Permian and Eagle Ford midstream assets. We recognized early on that investing in midstream would be an important ingredient to our success in these basins in terms of driving value, flow assurance, and lowering emissions. This transaction reinforces that we are on track to maximize the return on our investment in these basins and allows us to continue operating them safely and efficiently.”
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At its capital markets update in Feb. 2025, bp said it is targeting $20bn in divestments by year-end 2027.
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By Isaac Silvestre reporting from Houston. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
