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BP to Sell Renewable Power From Ohio Arche Solar Farm to Meta
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BP plc (BP - Free Report) entered an agreement to sell power to Meta Platforms Inc. (META - Free Report) from its Arche Solar project in Ohio, currently under development.
The agreement is part of BP’s strategy to shift away from fossil fuels and reduce greenhouse gas emissions.
BP started constructing the 134-megawatt Arche Solar project in Fulton County. Per the deal, Meta will purchase energy produced at Arche, which is likely to become operational in 2024.
Once online, Arche will produce sufficient clean energy to power the equivalent of more than 20,000 homes in the United States per year. At full capacity, the project’s renewable power could eliminate more than 155,900 metric tons of emissions per year. This corresponds to taking 34,000 fuel-burning cars off the road.
Power generation from renewable sources in the United States has been surging as the country seeks to accelerate the expansion of renewables and address climate change. Meta commits to supporting global operations with 100% renewable energy and is targeting net-zero emissions across its entire value chain by 2030.
In 2020, Meta achieved net-zero greenhouse-gas emissions in its direct operations by reducing emissions by 97% compared with the 2017 levels. Arche’s energy is expected to help decarbonize Meta’s data centers. Beside adding new energy to the grid, the project will lead to additional jobs and investment inOhio.
The project supports BP’s aim to develop 20 gigawatts (“GW”) of renewable generating capacity by 2025 and 50 GW by 2030. The convincing financial performance in the energy sector strengthens the company’s position to invest in the transition business.
Price Performance
Shares of BP have outperformed the industry in the past six months. The stock has gained 29.6% compared with the industry’s 27% growth.
Murphy USA Inc. (MUSA - Free Report) is a leading independent retailer of motor fuel and convenience merchandise in the United States. MUSA’s third-quarter 2022 earnings per share of $9.28 beat the Zacks Consensus Estimate of $7.82.
Murphy USA is expected to see an earnings surge of 80.9% in 2022. MUSA remains committed to returning excess cash to its shareholders through continued share buyback programs. As part of this initiative, the fuel retailer has approved a repurchase authorization of up to $1 billion, which can be completed by Dec 31, 2026.
Helmerich & Payne Inc. (HP - Free Report) is a major land and offshore drilling contractor in the western hemisphere, having the youngest and most efficient drilling fleet. HP’s third-quarter fiscal 2022 adjusted profit of 27 cents per share beat the Zacks Consensus Estimate of 5 cents.
Helmerich & Payne is expected to see an earnings surge of 280% in 2022. HP boasts a strong balance sheet, carrying $542.6 million in long-term debt. The company’s debt-to-capitalization stands at just 16.4% compared with many of its peers that are hugely burdened with debts, accounting for around 50% of their total capital structure.
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BP to Sell Renewable Power From Ohio Arche Solar Farm to Meta
BP plc (BP - Free Report) entered an agreement to sell power to Meta Platforms Inc. (META - Free Report) from its Arche Solar project in Ohio, currently under development.
The agreement is part of BP’s strategy to shift away from fossil fuels and reduce greenhouse gas emissions.
BP started constructing the 134-megawatt Arche Solar project in Fulton County. Per the deal, Meta will purchase energy produced at Arche, which is likely to become operational in 2024.
Once online, Arche will produce sufficient clean energy to power the equivalent of more than 20,000 homes in the United States per year. At full capacity, the project’s renewable power could eliminate more than 155,900 metric tons of emissions per year. This corresponds to taking 34,000 fuel-burning cars off the road.
Power generation from renewable sources in the United States has been surging as the country seeks to accelerate the expansion of renewables and address climate change. Meta commits to supporting global operations with 100% renewable energy and is targeting net-zero emissions across its entire value chain by 2030.
In 2020, Meta achieved net-zero greenhouse-gas emissions in its direct operations by reducing emissions by 97% compared with the 2017 levels. Arche’s energy is expected to help decarbonize Meta’s data centers. Beside adding new energy to the grid, the project will lead to additional jobs and investment inOhio.
The project supports BP’s aim to develop 20 gigawatts (“GW”) of renewable generating capacity by 2025 and 50 GW by 2030. The convincing financial performance in the energy sector strengthens the company’s position to invest in the transition business.
Price Performance
Shares of BP have outperformed the industry in the past six months. The stock has gained 29.6% compared with the industry’s 27% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
BP currently carries a Zack Rank #3 (Hold).
Investors interested in the energy sector might look at the following companies that presently flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Murphy USA Inc. (MUSA - Free Report) is a leading independent retailer of motor fuel and convenience merchandise in the United States. MUSA’s third-quarter 2022 earnings per share of $9.28 beat the Zacks Consensus Estimate of $7.82.
Murphy USA is expected to see an earnings surge of 80.9% in 2022. MUSA remains committed to returning excess cash to its shareholders through continued share buyback programs. As part of this initiative, the fuel retailer has approved a repurchase authorization of up to $1 billion, which can be completed by Dec 31, 2026.
Helmerich & Payne Inc. (HP - Free Report) is a major land and offshore drilling contractor in the western hemisphere, having the youngest and most efficient drilling fleet. HP’s third-quarter fiscal 2022 adjusted profit of 27 cents per share beat the Zacks Consensus Estimate of 5 cents.
Helmerich & Payne is expected to see an earnings surge of 280% in 2022. HP boasts a strong balance sheet, carrying $542.6 million in long-term debt. The company’s debt-to-capitalization stands at just 16.4% compared with many of its peers that are hugely burdened with debts, accounting for around 50% of their total capital structure.