BP to offload $1.5B stakes in Permian and Eagle Ford midstream assets

[BP Retail Gas Station. BP and British Petroleum is a global British oil and gas company headquartered in London.]
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* BP (BP [https://seekingalpha.com/symbol/BP]) on Monday said it would sell non-controlling interests in its Permian and Eagle Ford midstream assets, part of its U.S. onshore unit bpx energy, to funds managed by Sixth Street.
* The transaction 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.
* 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.

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