BP to Offload 260+ Austrian Retail Sites, EV Assets by Q3

BP plc BP, the UK-based energy major, announced plans on Thursday to divest its mobility and convenience business in Austria, marking a strategic shift under CEO Murray Auchincloss' reset strategy. The move is part of the company's broader efforts to streamline operations and focus on core assets.BP to Exit Austrian Retail and EV Charging BusinessThe divestment will include more than 260 retail sites across Austria, along with BP’s Austrian fleet business, electric-vehicle (EV) charging infrastructure, and its stake in the Linz fuel terminal joint venture. The decision aligns with BP’s focus on optimizing its downstream business while allowing a new owner to unlock the full potential of these assets.Emma Delaney, BP’s EVP of customers and products, highlighted the strong position of BP’s Austrian retail business, which has grown to become the second-largest major branded fuel retailer in the market. However, she stated that BP now aims to focus on reshaping its downstream business, believing a new owner will be better positioned to maximize the business’s potential. Despite the planned sale, BP assured customers that service quality at its Austrian sites will remain unaffected during the transition.BP’s $20 Billion Asset Disposal StrategyBP’s decision to exit Austria is part of a wider $20 billion asset disposal program set through 2027. The company is scaling back its renewable energy commitments while increasing investment in oil and gas, marking a notable shift from its previous energy transition goals. This shift was outlined in BP’s February strategy update, where it emphasized capital discipline and portfolio rationalization.BP Targets Q3 Sales Agreement for Austrian AssetsThe marketing process for the Austrian assets has commenced, with BP aiming to secure a sales agreement by the end of the third quarter. This move aligns with the company’s ongoing efforts to optimize its global presence and redirect resources toward more strategic investments.The sale underscores BP’s evolving approach to energy, striking a balance between traditional fossil fuel operations and strategic investments in alternative energy sources. As the company continues to reshape its portfolio, investors and industry stakeholders will closely watch its execution of the broader restructuring strategy.BP’s Zacks Rank & Key PicksBP currently carries a Zack Rank #3 (Hold).Investors interested in the energy sector may look at some better-ranked stocks like Archrock Inc. AROC, NextDecade Corporation NEXT and W&T Offshore, Inc. WTI. While Archrock presently sports a Zacks Rank #1 (Strong Buy), NextDecade and W&T Offshore carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.Archrock is an energy infrastructure company based in the United States with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.NextDecade is an emerging player in the LNG space with its Rio Grande LNG project in Texas. As demand for LNG continues to grow, the company’s strategic investments in infrastructure and planned liquefaction capacity provide strong upside potential. With the global LNG market expanding, NEXT is well-positioned to capitalize on the growing export demand from the United States.W&T Offshore leverages its strong Gulf of Mexico assets, which offer low decline rates and significant untapped reserves. The company recently expanded its portfolio with six shallow-water field acquisitions, adding substantial proven and probable reserves. Focused on high-return organic projects, WTI has maintained positive cash flows for 27 consecutive quarters.Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BP p.l.c. (BP): Free Stock Analysis Report W&T Offshore, Inc. (WTI): Free Stock Analysis Report Archrock, Inc. (AROC): Free Stock Analysis Report NextDecade Corporation (NEXT): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks