Simpson Thacher advised Sixth Street in connection with the agreement by affiliates of bp (“BPX”) to sell non-controlling interests in its Permian and Eagle Ford midstream assets to funds managed by investment firm Sixth Street for approximately $1.5 billion. BPX’s energy unit will continue to operate the assets, which include four central processing facilities in the Permian Basin that connect wells to third-party pipeline systems. Following the closing on December 31, 2025, BPX now owns 51% of the Permian assets and 25% of the Eagle Ford assets with Sixth Street holding the remaining interests.
Sixth Street is a global investment firm with over $115 billion in assets under management and committed capital. The firm uses its long-term flexible capital, data-enabled capabilities, and one team culture to develop themes and offer solutions to companies across all stages of growth.
The Simpson Thacher team included Shamus Crosby, Katy Lukaszewski, Daniel McEntee, John Brannan III, Houston Morgan, Britta Vlastelicia, Matthew Warren, Charles Ritger, Kaitlyn Greening and Samuel Curry (M&A); Matthew Einbinder, Erland Modesto, David Teh, Andrew Lanius, Fern Han, Andrew Maryan, Logan Harris, Tyler Wills, Michael O’Rear and Natalie Marionneaux (Banking & Credit); Sophie Staples, Benjamin Rippeon, Caroline Phillips, Andrew Wasilick and Elizabeth Trask (Tax); Michael Isby (Environmental); and Hui Lin (Capital Markets).