'BP Weighs Sale Of Minority Stake In Offshore Wind Business, Sources Say' - Reuters News
Portfolio Pulse from Benzinga Newsdesk
BP is considering selling a minority stake in its offshore wind business to reduce its investment burden and focus on high-margin oil and gas operations. The company has faced shareholder pressure over its energy transition strategy, and CEO Murray Auchincloss is revamping plans to prioritize profitability. BP has paused new offshore wind investments and plans to sell its U.S. onshore wind business.
October 17, 2024 | 4:38 pm
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BP is considering selling a minority stake in its offshore wind business to focus on high-margin oil and gas operations. This move is part of CEO Murray Auchincloss's strategy to revamp the company's energy transition plans amid shareholder pressure.
BP's potential sale of a minority stake in its offshore wind business indicates a strategic shift towards more profitable oil and gas operations. This could positively impact BP's stock price in the short term as investors may view the focus on high-margin businesses favorably. The move aligns with CEO Auchincloss's strategy to address shareholder concerns about profitability and dividends.
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