Remember when BP tried to rebrand itself as "Beyond Petroleum" and came up with a new logo designed to evoke solar power? Well, looks like the company might have to call in some new branding consultants. NPR's Morning Edition reports:
"We have thrown in the towel on solar," [BP CEO] Bob Dudley said after delivering a wide-ranging speech Wednesday.
"Not that solar energy isn't a viable energy source, but we worked at it for 35 years, and we really never made money," he added.
BP has been winding down its solar operations for a few years. The company now says it is "focusing on those sectors of the energy industry where we can profitably grow our business," which means a shift to wind and biofuels. Really though, can you blame BP for being worried about money? The company only made $11.6 billion in profits last year, and it might still have to pay billions to atone for the 2010 Deepwater Horizon spill. Wah!
More from NPR:
BP's exit from solar has more to do with a changing business than lack of will.