BP to sell US wind farms as it sticks to oil and gas
BP's one-time drive to move "Beyond Petroleum" is sputtering to a halt after the FTSE 100 giant put its US wind power business up for sale for an estimated $1.5bn (£990m).
A month after BP's chief executive, Bob Dudley, said he had "thrown in the towel" in solar, the company is trying to sell its interests in 16 US wind farms in a move that would see it exit wind power altogether.
The sale would leave BP's renewable energy division – once a key hope for growing the company – with a handful of biofuels businesses and low-key research projects. A BP spokesman said: "BP has decided to market for sale our US wind energy business as part of a continuing effort to become a more focused on oil and gas company and reposition the company for sustainable growth into the future.
"For BP this effort represents another example of prudent and active management of our global portfolio, consistent with our pledge to unlock more value for shareholders."
The focus on BP's oil and gas business represents a significant change in strategy since Lord Browne, who was chief executive from 1995 to 2007, pledged to rebrand the company as "Beyond Petroleum" by moving heavily into alternative forms of energy.
But the company now believes it can make more money focusing on its traditional business of finding and extracting hydrocarbons. BP also abandoned plans in 2008 to invest in carbon capture and storage, a fledgling technology that seeks to reduce emissions from coal and gas-fired power plants by collecting the smoke and funnelling it to underground storage containers.
The sale of BP's wind business has also been motivated, in part, by the company's need to sell about $38bn of assets to help finance the costs of the Gulf of Mexico oil spill in 2010.
BP declined to comment on the likely price of the US wind business but said it would consider "attractive offers".
- 1 2015 General Election: Green party will not appear in TV debate alongside Ukip – says BBC
- 2 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
- 3 Of course, teenage girls need role models – but not like beauty vlogger Zoella
- 4 North Korean officials 'publicly executed for watching South Korean soap operas'
- 5 Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
Elizabeth Norment dead: House of Cards actress honoured by Kevin Spacey after she dies aged 61
Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
North Korean officials 'publicly executed for watching South Korean soap operas'
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
Nigel Farage and Frankie Boyle clash over Andrew Lawrence's 'Mock the Week' criticism
iJobs Money & Business
£20000 - £23250 Per Annum pro rata: Clearwater People Solutions Ltd: Pro rata ...
£40 - 48k + Benefits: Guru Careers: We are seeking a Marketing Manager to join...
£45,000 - £65,000: Saxton Leigh: Our client is a well-known APAC Corporate and...
£60000 per annum: Ashdown Group: Compensation and Benefits Manager - Compensat...