A turbocharger includes a turbine, a compressor, and a bearing housing forming a bearing bore. A bearing arrangement is disposed between a shaft interconnecting the turbine and compressor wheels, and the bearing housing. The bearing arrangement includes first and second bearings formed within an outer bearing race element having an outer wall that engages a bearing bore along four bearing surfaces that are disposed in pairs around two oil feed galleys formed in the outer wall, the outer wall further forming peripherally extending oil drainage grooves disposed such that oil provided from the oil feed galleys that passes through some of the bearing surfaces drains through the peripherally extending oil drainage grooves.