09:29 AM EST, 02/26/2025 (MT Newswires) -- BP (BP) said Wednesday that it has launched a strategic review of its Castrol unit.

The oil and gas giant said it will consider all options, but will focus on value creation.

Proceeds from any potential transaction will go toward improving its balance sheet, BP said.

Shares of BP were down 2.2% in recent premarket activity.