BP Agrees to Sell Stakes in US Shale Assets for $1.5 Billion (2)

BP Plc agreed to divest stakes in US shale assets to Sixth Street for $1.5 billion as it seeks to shore up its balance sheet and win back investor confidence.

Funds managed by the US investment firm will purchase non-controlling interests in the Permian and Eagle Ford midstream assets, BP said in a statement.

BP Chief Executive Officer Murray Auchincloss is divesting assets to turn around years of lagging performance that put the UK energy major in the crosshairs of activist shareholder Elliott Investment Management. New Chairman Albert Manifold said the company must act with “urgency” to cut ...