HOUSTON, Dec. 28, 2022 /PRNewswire/ -- Today bp (NYSE: BP)
completed its purchase of Archaea Energy Inc., (NYSE: LFG) a
leading provider of renewable natural gas (RNG), marking a
milestone in the growth of bp's strategic bioenergy business.
"We see enormous opportunity to grow our bioenergy business by
bringing Archaea fully into bp," said Dave
Lawler, chairman and president bp America. "The talent,
expertise and passion of their team has let them achieve incredible
growth so far, and we're excited to support the next chapter in
line with our strategy."
In October, bp announced it had agreed to acquire Archaea,
subject to regulatory and Archaea shareholder approval. Having
received those approvals and with the transaction complete, Archaea
expands bp's presence in the US biogas industry, enhancing its
ability to support customers' decarbonization goals and progressing
its aim to reduce the average lifecycle carbon intensity of the
energy products it sells.
Bioenergy is one of five strategic transition growth engines
that bp intends to grow rapidly through this decade. bp expects
investment into its transition growth businesses to reach more than
40% of its total annual capital expenditure by 2025, aiming to grow
this to around 50% by 2030.
With the close of the agreement, Archaea common shares will
cease to be listed on the NYSE.
Additional information on the acquisition can be found in the
agreement announcement.
Cautionary statement
In order to utilize the 'safe harbor' provisions of the United
States Private Securities Litigation Reform Act of 1995 (the
'PSLRA') and the general doctrine of cautionary statements, bp is
providing the following cautionary statement.
This document contains certain forecasts, projections and
forward-looking statements – that is, statements related to future,
not past events and circumstances – with respect to the financial
condition, results of operations and businesses of bp and certain
of the plans and objectives of bp with respect to these items.
These statements are generally, but not always, identified by the
use of words such as 'will', 'expects', 'is expected to',
'targets', 'aims', 'should', 'may', 'objective', 'is likely to',
'intends', 'believes', 'anticipates', 'plans', 'we see' or similar
expressions. By their nature, forward-looking statements involve
risk and uncertainty because they relate to events and depend on
circumstances that will or may occur in the future and are outside
the control of bp. Actual results or outcomes, may differ
materially from those expressed in such statements, depending on a
variety of factors, including the risk factors discussed under
"Risk factors" in bp's Annual Report and Form 20-F 2021 as filed
with the US Securities and Exchange Commission and in any of our
more recent public reports.
Our most recent Annual Report and Form 20-F and other period
filings are available on our website at www.bp.com or can be
obtained from the SEC by calling 1-800-SEC-0330 or on its website
at www.sec.gov.
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SOURCE bp America