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Can Big Oil Conquer Renewable Energy?

By Aimee Duffy - Apr 10, 2013 at 11:39AM

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NYSE: BP

BP p.l.c.

Market Cap

$89B

Today's Change

(-0.25%) -$0.07

Current Price

$28.28

Price as of July 1, 2022, 4:00 p.m. ET

BP is selling off its wind business, but there is at least one member of big oil who has managed to successfully go green.

BP (BP -0.25%) recently announced it was bailing on its wind power initiatives. The company will sell its U.S. assets, which are spread across nine states and can generate about 2,600 megawatts of power. Estimates place the value of the assets at around $1.5 billion. After getting rid of its solar business, BP is sending a clear message about its commitment to renewables, which may lead investors to consider clean energy investments off-limits for big oil. In this video, Fool.com contributor Aimee Duffy reviews the BP move, and highlights the long-term potential of one oil major who is getting this bet right.

Stocks Mentioned

BP p.l.c.

$28.28 (-0.25%) $0.07

SunPower Corporation

SPWR

$15.65 (-1.01%) $0.16

TotalEnergies

TTE

$52.83 (0.36%) $0.19

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

BP (BP) Q1 2022 Earnings Call Transcript

BP (BP) Q4 2021 Earnings Call Transcript

BP plc (BP) Q3 2021 Earnings Call Transcript

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