Press release

News and insights

bp accelerates and expands in bioenergy, agreeing to buy leading US biogas company Archaea Energy

Accelerating bioenergy

In a move that will expand and accelerate the growth of its strategic bioenergy business, bp today announced that it has agreed to acquire Archaea Energy Inc., a leading producer of renewable natural gas (RNG) in the US. The agreed acquisition, which is subject to regulatory and Archaea shareholder approval, will be for $3.3 billion in cash, as well as around $800 million of net debt2.  


Bioenergy is one of five strategic transition growth engines that bp intends to grow rapidly through this decade. bp expects investment into its transition growth businesses to reach more than 40% of its total annual capital expenditure by 2025, aiming to grow this to around 50% by 2030.

Acquiring Archaea will expand bp’s presence in the US biogas industry, enhancing its ability to support customers’ decarbonization goals and also progressing its aim to reduce the average carbon intensity of the energy products it sells. bp aims to reduce that carbon intensity to net zero by 2050 or sooner3.

Read the full press release

Webcast

bp's chief executive officer, Bernard Looney, chief financial officer, Murray Auchincloss and EVP trading & shipping, Carol Howle will host a webcast at 2pm BST/10am EDT on Monday 17 October to discuss bp's agreement to buy leading US RNG company Archaea Energy

Register for the webcast

Copyright 2022. BP p.l.c., 1 St James's Square, London, SW1Y 4PD

Registered in England and Wales, number 102498