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BP plans to sell Archaea Energy after the US biogas operation delivered weaker-than-expected returns.
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Second-quarter adjusted profit climbed to $5.7 billion as Middle East disruption lifted oil and gas prices.
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Meg O’Neill is simplifying BP’s portfolio, reducing debt and concentrating investment on its most profitable assets.
BP has announced that it will offload its US biogas business just days after confirming its exit from the North Sea, as the firm looks to shift its focus back to core oil and gas products.
The London-listed oil giant has previously told investors it planned to market assets across its operating regions as part of a restructuring overseen by new boss Meg O’Neill.
BP acquired Archaea for $4.1bn in 2022, but the business has since faced financial underperformance and slower-than-expected growth, forcing the FTSE 100 giant to reassess the asset’s worth.
O’Neill said the firm must simplify its portfolio “based on value, not sentiment, nor history” and instead focus on assets which “deliver competitive returns and long-term value”.
She has previously announced plans for a major overhaul of the group’s energy channels, splitting it into two divisions, dubbed upstream and downstream, and focusing solely on profitable assets.
The push has also seen the group confirm its exit from the North Sea, leaving the British energy giant without any petrochemical
