Core Viewpoint - BP is selling a $6 billion stake in Castrol to reduce its $26 billion debt, marking its largest sale in 12 years and coinciding with a leadership change [1][4][10]. Group 1: Company Overview - Castrol, established 126 years ago, gained fame through motorsports sponsorship and is recognized for its green, red, and white logo [2]. - The company was founded by Charles Wakefield, who created lubricants capable of withstanding high engine temperatures, contributing to its distinctive smell [3]. Group 2: Financial Details - BP is selling a 65% stake in Castrol, valuing the company at $10 billion, which exceeds many analysts' expectations [4][5]. - The sale is part of BP's strategy to reduce its debt, with a target to cut net debt by $14 billion to $18 billion by 2027 [7][6]. Group 3: Strategic Implications - Carol Howle, BP's interim CEO, stated that the sale is beneficial for all stakeholders and represents a significant step in the company's reset strategy [8][9]. - The reset strategy involves reducing complexity and refocusing on core integrated businesses, moving away from renewables [10].