BP Sells 5% Stake in Aker BP for $1 Billion as Balance Sheet Repair Continues — Update
By Adam Whittaker
British energy major BP said that it sold 5% of its stake in Norwegian oil and gas producer Aker BP for $1.06 billion, as it accelerates efforts to shore up its balance sheet and simplify its portfolio.
The sale capitalized on a jump in Aker BP's share price this year after conflict in the Middle East pushed oil and gas prices higher. European gas prices in particular have been on a tear and Aker BP's location on the Norwegian continental shelf and exposure to the European market has helped drive earnings higher.
The sale is also another example of how stronger oil and gas prices are aiding BP's efforts to cut net debt. New Chief Executive Meg O'Neill has made this a priority and is selling assets to help. She has already put its U.K. North Sea assets and U.S. biogas business up for sale.
BP said Thursday that the proceeds from the Aker BP sale would go toward shoring up the balance sheet and that it now expects full-year divestment proceeds to be around $9 billion, around $1 billion higher than previously guided for.
Aker BP was created in 2016 via a merger of BP's Norwegian assets and Det norske oljeselskap, in which Aker held a significant stake. The company is headquartered outside Oslo and operates several fields across the Norwegian continental shelf.
The U.K. company will continue to own a near 11% stake in Aker BP.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
November 05, 2026 03:20 ET (08:20 GMT)
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