LONDON — Oil giant BP's chief executive hinted Wednesday that the company might offload part or all of its "green" business unit, reversing a central part of its previous strategy as he seeks to turn the company around.
Tony Hayward, giving his first annual presentation to analysts since taking over from former CEO John Browne in May, also said BP could be producing about 4.3 million barrels of oil equivalent a day by 2012.
BP intends to expand its alternative energy business "predominantly for its equity value," Hayward said. The green unit, much prized by Browne, is worth $5 billion to $7 billion, based on market valuations for similar companies, Hayward said.
"As we go forward we will be looking at how best we can realize that growing value for our shareholders," he said.