BP Pulls Back on Alternative Energy, Focus on Oil

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August 8 (Bloomberg) -- Bloomberg’s Paul Barret reports on the BP and their changing focus post the gulf spill. He speaks on Bloomberg Television’s “Bloomberg Surveillance.” (Source: Bloomberg)

Is there a relationship to be drawn between the struggles we continue to see of the government and the jpmorgan's in the bank of america of the world and the continued lawsuits we still see with the peak, sort of the endless parade of pr were the company cannot seem to get out of?

No, i think these are two different phenomenon.

Bps troubles with litigation are fairly discreet, having to do with the phenomenal environmental disaster that occurred in 2010. there is an extraordinary cloud of litigation related to that, but i don't think it is systemic across all company.

Lord brown built a company out of london, ultimate global over the horizon and other oilfield, they own russia, the whole thing.

They are the green company.

Beyond petroleum.

They bring in not lord dudley, mr.

Dudley, to strain out the house.

Dudley came in in the midst of the 2010 crisis when tony hayward was pushed aside.

Dudley has been trying to rationalize the company.

He has sold off $40 billion worth of assets in the last 2.5 years.

Golf courses.

I don't know about golf courses, but old-fashioned gas operations.

Something else that is gotten less attention that we bring out in our interview, bp, beyond petroleum, is back squarely in petroleum.

Bp has pulled back on its investment in alternative energy and basically said, we are in oil company and that is what we mean we are.

The beyond petroleum has been set to one side.

The idea of having any special responsibility for climate change is set to one side.

He emphasized that in our interview.

I can't convey how radical that is.

Especially when you see other oil companies desperately trying to do something similar to rotate from natural gas into pure oil.

Do you think bp is getting rewarded for that behavior?

Are they stuck in the quagmire of this bill?

Flex i think it is both.

They're not out of the uncertainty related to this bill . the company thought it had most of its liability pinned down and it turned out it was just wrong.

The claims have surged back up.

They still have a huge trial facing them having to do with federal government claims.

That is why you see them going back on the offensive on that front.

On the other front, i think the companies basically trying to say, we are almost to the companies.

A litigation company defending ourselves against this historic wave of litigation, but we are still in oil company.

We have investments all around the world including the gulf in places like russia and that is how the company is going to try to move forward.


Paul barrett and chris whalen with us.

All of this in my favorite magazine of the year for bloomberg businessweek, the

This text has been automatically generated. It may not be 100% accurate.


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