BP Backing Away from Hydrogen and U.S. Onshore Wind to Boost Profits

December 3, 2024--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--Many publicly traded companies struggle to balance the hunt for profits with the pursuit of principle. This dilemma is especially profound for Oil and Gas producers: some of their products, notably oil and natural gas, contribute to global warming. Other product lines, such as wind power, solar power and hydrogen, are seen as critical elements in the fight against global warming. The struggle has been particularly acute for BP (NYSE:BP) (London, England), which has deep roots in both businesses. Profits, however, have won out at the London-based supermajor.