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.