BP PLC (NYSE: BP) must like shale, gas and oil exploration and production better than new age energy sources. It wants to dump its wind operations in the United States. According to Reuters:
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.
If shale discoveries continue at the current pace, wind may not be viable for decades.
BP shares are inactive so far in premarket trading, but closed yesterday at $42.14 in a 52-week range of $36.25 to $45.45.
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