BP PLC has agreed to sell the land business Aeolian Installations in the US in LS Power, as the company continues its efforts to re -turn to the core of its activities in oil and natural gas and reverse the multiannual underpinning of its stock.
BP Managing Director Murray Auchincloss focuses on the recovery plan announced in February, with the focus of returning to increased oil and gas production and the sale of $ 20 billion in assets after abandoning a low -ranking strategy. LS Power is a controlled North American company for development, investment and energy exploitation. BP’s land -ranging company in the US has 10 active land -ranging ranges in seven US states with a combined gross capacity of 1.7 gigawat.
The company did not announce the value, but said it would provide information on revenue from the sale when it announces the results of the second quarter early next month. Company’s shares have continued to lag behind most of its competitors this year while facing pressure from activist Elliott Investment Management according to Bloomberg sources
“We were clear that while low carbon energy energy has a role to play in a simpler, more focused BP, we will continue to optimize our portfolio to create value,” Executive Vice President William Lin said in a statement. “Inland wind activity in the US has great assets and fantastic people, but we have come to the conclusion that we are no longer the best owners to promote it.”