BP Plans to Divest Offshore Wind Stakes, Cut Back on Renewables

Zacks10-19

BP plc BP, the British oil and gas giant, continues to scale down the expansion of its renewables business, bringing its focus back to fossil fuels. According to sources familiar with the matter, the ...

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According to sources familiar with the matter, the ...</p>\n\n<a href=\"https://finance.yahoo.com/news/bp-plans-divest-offshore-wind-172600421.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>BP Plans to Divest Offshore Wind Stakes, Cut Back on Renewables</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBP Plans to Divest Offshore Wind Stakes, Cut Back on Renewables\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-10-19 01:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/bp-plans-divest-offshore-wind-172600421.html><strong>Zacks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>BP plc BP, the British oil and gas giant, continues to scale down the expansion of its renewables business, bringing its focus back to fossil fuels. According to sources familiar with the matter, the ...</p>\n\n<a href=\"https://finance.yahoo.com/news/bp-plans-divest-offshore-wind-172600421.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4179","symbol_name":"石油天然气设备与服务","start_time":0,"source_url":"https://finance.yahoo.com/news/bp-plans-divest-offshore-wind-172600421.html","article_id":"2476294687","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/dvRNplgb0KSBuUwdYb2xxw--~B/aD00MDA7dz02MzU7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/zacks.com/8c4a41f088bf9120715db42cb7535f5f"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2476294687","pubTimestamp":1729272360,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"BP plcBP, the British oil and gas giant, continues to scale down the expansion of its renewables business, bringing its focus back to fossil fuels. According to sources familiar with the matter, the company wants to sell off a minority stake in its offshore wind business.Per Reuters, BP has appointed Bank of America to search for partners to invest in its offshore wind business. Renewable projects like offshore wind farms generally require huge capital investments, and BP plans to reduce its share of the significant investment associated with the development of such projects.In a previous update, BP had stated that it would officially scrap its ambitious green transition strategy. Initially, the company had planned to reduce its oil and gas output by 40% and significantly expand its renewables portfolio by 2030. CEO Murray Auchincloss had stated earlier this year thatthe focus would remain on making BP a focused and high-value company.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4179":"石油天然气设备与服务","LU1829250122.USD":"高盛欧洲核心股票组合Acc","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","BK4541":"氢能源","BK4201":"综合性石油与天然气企业","BK4213":"石油与天然气的勘探与生产","BK4096":"电气部件与设备","BK4588":"碎股","PED":"Pedevco Corp.","LU0162691827.USD":"BGF US BASIC VALUE \"A4\" INC","AROC":"Archrock, Inc","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","FCEL":"燃料电池能源","BK4563":"昨日强势股","BP":"英国石油","BK4585":"ETF&股票定投概念","LU0072461881.USD":"BGF US BASIC VALUE \"A2\" ACC"},"translate_title":"英国石油公司计划剥离海上风电股份，削减可再生能源","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PED":1,"FCEL":1,"BP":1,"AROC":0.9},"content_text":"BP plc BP, the British oil and gas giant, continues to scale down the expansion of its renewables business, bringing its focus back to fossil fuels. According to sources familiar with the matter, the company wants to sell off a minority stake in its offshore wind business.\nPer Reuters, BP has appointed Bank of America to search for partners to invest in its offshore wind business. Renewable projects like offshore wind farms generally require huge  capital investments, and BP plans to reduce its share of the significant investment associated with the development of such projects.\nMore on the News\nThe British energy firm is committed to investing in its major offshore wind projects, along with its solar, biofuels and low-carbon hydrogen projects. BP’s CEO Auchincloss, who assumed office in January this year, has mentioned that the company will focus on its high-margin businesses instead of aggressively cutting down on emissions. BP remains committed to its target of achieving net zero carbon emissions by 2050. The company’s energy transition plans to expand its renewables business and reduce oil and gas production faced heavy investor scrutiny since their launch in 2020. This strategy had a negative effect on BP as the profits from renewables declined and those associated with its oil and gas business rose higher.\nAmid this strategic shift, BP has chosen to discontinue investments in new offshore wind projects. Furthermore, the company intends to divest its U.S. onshore wind business, per a Reuters report. BP owns interests in several offshore wind projects in regions like Britain, Germany, the United States and Asia. However, the company does not have any operational offshore wind farm at present. It had a substantial project pipeline in the offshore wind segment that added up to a total capacity of 9.6 gigawatts as of June-end 2024.\nChallenges in the Offshore Wind Segment\nThe offshore wind sector has been facing significant challenges in recent years, causing several companies to reconsider their investments in the same. The cost of developing these projects skyrocketed due to technical complexities and supply-chain issues. Moreover, higher interest rates made it expensive for companies to finance such projects on a large scale. BP is also one of the energy giants reviewing its investments in this sector. As per the annual report, BP incurred a significant impairment charge over its U.S. offshore wind projects in the past year. Later on, the company terminated a U.S. offshore wind joint venture that it was involved in with Equinor.  \nBP’s Strategic Shift\nIn a previous update, BP had stated that it would officially scrap its ambitious green transition strategy. Initially, the company had planned to reduce its oil and gas output by 40% and significantly expand its renewables portfolio by 2030. CEO Murray Auchincloss had stated earlier this year that the focus would remain on making BP a focused and high-value company.\nBP’s Zacks Rank and Key Picks\nCurrently, BP carries a Zacks Rank #5 (Strong Sell).\nSome better-ranked stocks in the energy sector are PEDEVCO Corp. PED, Archrock Inc. AROC and FuelCell Energy FCEL. PEDEVCO and Archrock presently sport a Zacks Rank #1 (Strong Buy) each, while FuelCell Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.\nPEDEVCO is engaged in the acquisition and development of energy assets in the United States and Pacific Rim countries. PED stands to benefit significantly from its holdings in the Permian Basin, one of the most prolific oil-producing regions in the United States and the D-J Basin in Colorado, which includes more than 150 high-quality drilling locations. Combined with bullish oil prices, this is expected to boost the company's production and overall profitability.\nArchrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.\nFuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, the company is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nBP p.l.c. (BP) : Free Stock Analysis Report\nFuelCell Energy, Inc. (FCEL) : Free Stock Analysis Report\nPedevco Corp. (PED) : Free Stock Analysis Report\nArchrock, Inc. (AROC) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2476294687"}