bp Sells Aker BP Stake, Raises $1.06bn

bp (LSE: BP.) has sold part of its holding in Norwegian oil and gas producer Aker BP, raising about $1.06 billion. The sale lifts its guidance for 2026 disposal proceeds.

The sale covers 5% of Aker BP, taken from bp’s 15.9% shareholding, and was priced at NOK 311 per share. Gross proceeds come to roughly NOK 9.83 billion, which bp puts at about $1.06 billion.

bp now expects full-year 2026 divestment and other proceeds of around $9 billion, about $1 billion above its previous guidance.

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bp is not leaving Aker BP. After the sale, it holds 68.7 million shares, an interest of about 10.9%.

It has agreed a 90-day lock-up on those remaining shares, subject to customary exemptions.

The proceeds go towards strengthening bp’s balance sheet.

Chief executive officer Meg O’Neill said now was the right time to realise part of Aker BP’s value.

“Since Aker BP’s creation a decade ago, it has executed a successful growth strategy that has led to significant value creation. In recent months, it has further increased its value through a combination of its strong performance and the favourable macro environment. We believe now is the right time for us to realize part of this value to further strengthen bp’s balance sheet, our first priority as we build a simpler, stronger, more valuable bp.”

Meg O’Neill, chief executive officer, bp

Barclays acted as sole global coordinator and bookrunner on the sale, with DNB Carnegie as co-bookrunner.