BP Selling Its Entire U.S. Wind Power Business; Will Focus on Oil and Gas for Future Growth
(CNSNews.com) – BP will sell its entire American wind power business in an effort to “position the company for sustainable growth” and return to its core business of oil and gas production.
BP is the No. 6 largest oil and gas companies in the world, according to Forbes, producing 4.1 million barrels of oil per day.
“BP has decided to market for sale our U.S. wind energy business as part of a continuing effort to become a more focused oil and gas company and re-position the company for sustainable growth into the future,” BP said in an emailed statement to CNSNews.com.
BP operates 16 wind farms in nine states that together produce about 2,600 megawatts of power. It is also selling undeveloped projects that could produce an additional 2,000 megawatts.
BP said that selling its entire U.S. wind operations would make the company more profitable.
“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.”
Combined, BP’s operations include 1,500 wind turbines producing enough energy to power Houston, Texas, according to a BP fact-sheet, and represent a $4 billion investment from the company. (See BP US Wind.pdf)
BP said it was not exiting the renewable energy market entirely, pointing to ethanol facilities it owns in Brazil and the U.K. as well as research into biofuels it conducts in the United States.
“BP continues to invest in new, cutting-edge companies developing efficient energy technologies with applications in both renewable and conventional energy production,” BP said in its e-mail statement.
BP employs 21,000 people in the United States and 85,700 worldwide. Through its business activities, BP supports about 250,000 domestic U.S. jobs, according to its press office.