BP to Sell Wind Farm Business (BP)
Oil and gas company, BP plc (BP) reported on Wednesday that it has put its U.S. wind farm business up for sale.
This sale will follow a series of asset sales which have totaled $38 billion. The company has been raising funds to help pay for liabilities related to the 2010 oil spill. BP has been re-positioning itself as a smaller company which focuses on high margin oil production and exploration.
Although BP did not put a price on its operations, the company expects to be presented with “attractive offers.” The sale will include 16 operating wind farms as well as a portfolio of existing projects.
BP shares were mostly flat during premarket trading Wednesday. The stock has declined -6% in the past year.
The Bottom Line
Shares of BP plc (BP) have a 5.13% yield, based on Tuesday’s closing price of $42.14.
BP plc (BP) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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