Quilter Cheviot analyst Maurizio Carulli wrote that BP's sale of shares in its Castrol lubricants business was a positive step forward, and the price was largely in line with expectations. The oil giant will sell 65% of the business's shares instead of 100% as previously hoped, and keep the rest of the shares by forming a joint venture with Stonepeak. However, BP has the right to sell its remaining shares in the joint venture after the two-year lockdown period ends. Carulli wrote that the deal reinforces British Petroleum's strategic restructuring, which was initiated by former CEO Murray Auchincloss and is expected to be accelerated by new CEO Meg O'Neill. The stock rose 0.05% to 427.70p.

Quilter Cheviot analyst Maurizio Carulli wrote that BP's sale of shares in its Castrol lubricants business was a positive step forward, and the price was largely in line with expectations. The oil giant will sell 65% of the business's shares instead of 100% as previously hoped, and keep the rest of the shares by forming a joint venture with Stonepeak. However, BP has the right to sell its remaining shares in the joint venture after the two-year lockdown period ends. Carulli wrote that the deal reinforces British Petroleum's strategic restructuring, which was initiated by former CEO Murray Auchincloss and is expected to be accelerated by new CEO Meg O'Neill. The stock rose 0.05% to 427.70p.