BP agreed to sell non-controlling interests in Permian and Eagle Ford midstream assets - U.S. onshore midstream assets - to funds managed by Sixth Street for $1.5 billion.
The deal has a total consideration of $1.5 billion and is structured in two phases: about $1 billion paid upon signing with the balance expected by the end of the year, subject to regulatory approvals.
Bpx subsidiary bpx energy will remain operator of all the assets.
The bpx midstream assets encompass bpx's pipelines and facilities in the Eagle Ford and Permian basins, including four Permian central processing facilities – Grand Slam, Bingo, Checkmate and Crossroads. These assets connect wells to third party pipeline systems, transporting the oil and gas to customers.