BP Retains 35% Stake as Castrol Begins New Chapter Under Majority Ownership by Stonepeak

Stonepeak announced on November 2, 2026, that it has completed the acquisition of a 65% controlling interest in Castrol from BP, marking a significant ownership transition for one of the world’s leading lubricant brands. BP retains a 35% minority interest in the business.

In conjunction with the transaction, Castrol has established a new board of directors chaired by Ben van Beurden, former chief executive officer of Shell plc and current chairman of Clariant AG.

The acquisition follows the agreement announced in December 2025, which valued Castrol at approximately $10.1 billion. BP said it expects to receive approximately $6 billion in after-tax proceeds from the transaction, which it intends to use to reduce debt and strengthen its financial position.

New Leadership and Ownership Structure

Castrol’s newly appointed board consists of four independent directors, including van Beurden, three directors affiliated with Stonepeak, two representatives from BP, and one director representing Canada Pension Plan Investment Board (CPP Investments), which is participating as an indirect minority investor.

Van Beurden brings extensive experience in the global energy and lubricants industries, having served as Shell’s chief executive officer from 2014 through 2022. His appointment is particularly noteworthy given Shell’s longstanding position as a major competitor to Castrol in the global lubricants market.

Michelle Jou will continue as Castrol’s chief executive officer, providing continuity in the company’s executive leadership.

Focus on Operational Improvement and Growth

Stonepeak, an investment firm specializing in infrastructure and real assets, said the new ownership structure is intended to provide Castrol with greater financial and operational flexibility to pursue growth opportunities.

Anthony Borreca, senior managing director at Stonepeak, described the completion of the transaction as an important milestone in Castrol’s 127-year history. He indicated that Stonepeak’s near-term priorities will center on improving operations and supporting sustainable growth while working closely with Castrol’s management and employees.

The company intends to strengthen its position in existing markets while pursuing opportunities in adjacent businesses, including thermal management fluids.

Castrol serves automotive, commercial, industrial, marine and energy markets, with products sold in more than 150 countries. The company employs more than 6,000 people worldwide and maintains its headquarters in the United Kingdom.

The December 2025 transaction announcement also identified emerging applications involving electric vehicles and data centers as potential areas for growth.

Implications for Castrol’s U.S. Business

In preparation for the ownership transition, BP Lubricants USA Inc. changed its legal name to Castrol Lubricants USA Inc., effective July 15, 2026. The new company name began appearing on business documents and correspondence in September.

Castrol has advised U.S. customers and distributors that their existing account representatives, products, service arrangements and day-to-day business relationships will remain substantially unchanged. The company also indicated that payment terms and other routine transaction arrangements would largely remain in place.

Although Stonepeak has outlined its priorities for operational improvement and growth, neither company has announced specific changes to Castrol’s U.S. distribution strategy or commercial arrangements.

A New Chapter for Castrol

The completed transaction represents a significant change in Castrol’s ownership after more than two decades as part of BP. Castrol became part of BP through its acquisition of Burmah Castrol in 2000.

With Stonepeak now holding a controlling interest and BP remaining a substantial minority shareholder, Castrol enters its next phase with a more independent ownership structure and a board chaired by a former chief executive of one of its largest global competitors.

Sources: Stonepeak, November 2, 2026; Stonepeak, December 24, 2025; Castrol U.S. Ownership Transition Announcement.