Bp Divests Non-controlling Interests In Permian, Eagle Ford Midstream Assets Of Bpx Energy

(RTTNews) - 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.