BP has completed its $4.1 billion acquisition of renewable natural gas (RNG) provider Archaea Energy Inc., BP said in a Dec. 28 press release.
The acquisition, announced in October, was finalized following BP’s completion of regulatory requirements and Archaea obtaining shareholder approval.
RELATED
BP Acquires RNG Producer Archaea Energy for $4.1 Billion
Based in Houston, Archaea Energy operates 50 RNG and landfill gas-to-energy facilities in the U.S. and is expected to provide an immediate 50% increase to BP’s biogas supply volumes, BP said in October.
The acquisition broadens BP’s presence in the U.S. biogas industry and gives BP customers access to decarbonization support. BP will also be better positioned to reduce the average lifecycle carbon intensity of its energy products, the company said.
Bioenergy is part of BP’s focus in the next decade, with investment into its transition growth businesses expected to reach more than 40% of its total annual capital expenditure by 2025 and 50% by 2030.
Recommended Reading
SM Energy Adds Brookman to Board, Promotes Lebeck to Executive VP
2024-02-23 - Barton R. Brookman previously served as President and CEO of PDC Energy and James B. Lebeck served as senior vice president and general counsel since January 2023.
Crescent Point Energy to Rebrand as Veren Inc.
2024-03-21 - The company will seek shareholder approval for the change at its upcoming annual and special meeting of shareholders on May 10.
TechnipFMC Eyes $30B in Subsea Orders by 2025
2024-02-23 - TechnipFMC is capitalizing on an industry shift in spending to offshore projects from land projects.
ProPetro Reports Material Weakness in Financial Reporting Controls
2024-03-14 - ProPetro identified a material weakness in internal controls over financial reporting, the oilfield services firm said in a filing.
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions