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BP Retreats Further From Green Energy With Archaea Sale
['Tyler Durden']
ZeroHedge News
Via City A.M.,BP plans to sell Archaea Energy after the US biogas operation delivered weaker-than-expected returns.
Second-quarter adjusted profit climbed to $5.7 billion as Middle East disruption lifted oil and gas prices.
Oil production and operations saw profit climb to $3.4bn from $1.7bn.
If tensions across the Middle East persist or escalate further, energy prices could remain elevated, providing an additional tailwind for the sector.
BP pinned its outlook on the “continued disruption in the Middle East” and the likelihood of potential “weather events in the Gulf of America”.