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Author Topic: How BP Is Joining Big Oil Retreat From Renewals Back to Topics
xgojim

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Michigan

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Message Posted: Apr 3, 2013 9:32:27 AM

BP has put its U.S. wind farm operation, one of the largest in the country, up for sale, marking the continued retreat of big oil companies from renewable energy investments while oil and gas projects offer them better returns. The British oil company has already sold or earmarked for sale some $38 billion worth of assets, partly to raise funds to pay for its 2010 U.S. oil spill liabilities, but also to reposition itself as a smaller, leaner company with an emphasis on high-margin oil production and exploration. Reports said the sale could raise a further $1.5 billion. BP would not put a value on any sale, but said in a statement it expected "attractive offers" for the assets. They include interests in 16 operating wind farms in nine states with a combined generating capacity of around
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NedW
Champion Author Indianapolis

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Message Posted: Apr 4, 2013 8:29:27 AM

Thank you for submitting this article, xgojim.
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LetemEatCake
Champion Author Oklahoma City

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Message Posted: Apr 3, 2013 11:29:34 PM


Bears repeating Gtownhog...."Unlike our politicians, these folks are NOT stupid. They realize that things have changed in the last 5 years. Wind and solar will eventually be viable, but it will be 25-50 years before they are. In the mean time, while they are being developed, we should be using Natural Gas as a bridge"

Well said!
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drobbbb
Champion Author Maryland

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Message Posted: Apr 3, 2013 4:15:44 PM

all about money
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mitt4prez
Champion Author Tacoma

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Message Posted: Apr 3, 2013 11:57:11 AM

The Won (II) must be furious. But he needs that campaign cash.
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USMCturtlehead
Champion Author Lexington

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Message Posted: Apr 3, 2013 11:51:45 AM

Have to go where the money is.
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mastermariner
Champion Author Texas

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Message Posted: Apr 3, 2013 10:21:56 AM

Not enough money in it
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nozzle46
Champion Author Little Rock

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Message Posted: Apr 3, 2013 10:20:27 AM

They were in it with, what, maybe .02% of total resources so they could put it in a advert.
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Gtownhog
Veteran Author Memphis

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Message Posted: Apr 3, 2013 10:17:15 AM

Unlike our politicians, these folks are NOT stupid. They realize that things have changed in the last 5 years. Wind and solar will eventually be viable, but it will be 25-50 years before they are. In the mean time, while they are being developed, we should be using Natural Gas as a bridge..
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OTISFL
Champion Author Pensacola

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Message Posted: Apr 3, 2013 10:16:48 AM

BAN BP!!
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evowner
Champion Author Salem

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Message Posted: Apr 3, 2013 10:15:56 AM

If BP can't monopolize an industry they don't want to play.
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naspa
Champion Author Cleveland

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Message Posted: Apr 3, 2013 10:11:56 AM

I hope BP goes bankrupt for the damage they did in the Golf.
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Bttlecat
Champion Author Oklahoma City

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Message Posted: Apr 3, 2013 10:02:17 AM

following the money, subsidies will end soon
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MiataPrincess
Champion Author Des Moines

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Message Posted: Apr 3, 2013 9:50:07 AM

go figure...the subsidies are over..greedy
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Methodist
Champion Author Indiana

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Message Posted: Apr 3, 2013 9:45:53 AM

ok
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Night Owl
Champion Author Toronto

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Message Posted: Apr 3, 2013 9:40:37 AM

VMIJim is absolutely correct. BP should retreat from North America.
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xgojim
Champion Author Michigan

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Message Posted: Apr 3, 2013 9:37:42 AM

Not surprising that a for-profit business would walk away from a shaky program only being held up by govt subsidies. $38 billion of assets selling for $1.5 billion? That's the definition of a fire sale. Perhaps the asset value is overstated...
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VMIJim
Champion Author Alabama

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Message Posted: Apr 3, 2013 9:34:35 AM

After BP's oil spill, I have boycotted any gas purchases from a BP station so I could care less whether they renew or not. They need to be put out of business for what they did in the Gulf.
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deputydog082
Champion Author Detroit

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Message Posted: Apr 3, 2013 9:34:31 AM

we need both renewable and fossil energy
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