BP raises £785m to pay off debt after selling down Aker BP stake

BP has recently offloaded a five percent stake in Norwegian oil and gas company Aker BP, raising £785m to help reduce its debt. The company still holds an 11 percent stake in Aker BP, which is owned by around 68.7 million shares. The sale of this stake was completed at a price of 311 crowns, or around £785 million, marking a 12 percent discount to Aker BP's closing price on the Oslo stock exchange on the previous day.

BP's CEO, Meg O'Neil, believes that the timing is right to realize the value of Aker BP to strengthen BP's balance sheet, as part of the company's broader goal to become simpler, stronger, and more valuable. The firm has also raised its full-year asset sale target by $1 billion to approximately $9 billion. In the third quarter, BP reported earnings of $8.5 billion (£6.3 billion), a near quadrupling compared to the same period last year.

This surge in profits follows a spike in oil prices due to the US-Iran war, leaving energy giants with significant profit gains. BP has already halved its debt over the past year, reducing it to $13.9 billion, and is set to decrease it by another $6 billion after proceeds collected from the sale of its Castrol lubricants business.

BP is expected to announce its new long-term strategy in December, following the appointment of Meg O'Neil as CEO this year, replacing Murray Auchincloss. O'Neil took over the reins in December, replacing Auchincloss, who had served in the position for just two years. In September, the company also appointed Ian Tyler as its new chair, replacing Albert Manifold.

Manifold was stripped of his roles as chair and director in May after taking over in July 2025, reportedly due to his "volcanic" temper towards colleagues.