BP To Sell All U.S. Wind Farms, Re-Focus On Oil And Gas

Energy company BP is folding part of its hand in sustainable energy in the U.S. after declaring that it will sell its entire stake of U.S. wind farm operations, according to media reports.

The move is an effort to "position the company for sustainable growth" that will result in BP's continued investment in oil and gas production.

As Reuters put it, the sale marks the continued retreat of big oil companies from renewable energy investments as oil and gas projects offer bigger returns.

"For BP, this effort represents another example of prudent and active management of our global portfolio, consistent with our pledge to unlock more value for shareholders," the company said in a statement to CBS News. 

BP will sell 16 operating wind farms in nine states that generate a total of nearly 2,600 megawatts of renewable power, enough to power a city the size of Houston. The sale might net BP $1.5 billion, according to Reuters.

"BP has decided to market for sale our U.S. wind energy business as part of a continuing effort to become a more focused oil and gas company and re-position the company for sustainable growth into the future," the company told CBS.

In 2012 BP's total revenue exceeded $388 billion. Since 2005 the company has invested a total of $7.6 billion in alternative energy technologies, including $4 billion in the U.S., according to data from BP. Reuters reports the company has an annual capital spending budget of more than $20 billion for renewables.

Producing 4.1 million barrels a day, BP is the world's 6th largest oil and gas company.

Iowa, the largest wind energy producer in the U.S., generates about 25 percent of its energy from wind power. BP does not own any wind operations in Iowa, but does have stake in wind operations in California, Colorado, Kansas, Hawaii, Idaho, Indiana, Pennsylvania, South Dakota and Texas. 

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