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This Alliance Could Mark A New Era For Oil

This Alliance Could Mark A New Era For Oil

A formalized oil alliance between…

Gates Foundation Sells Full $186M Stake in BP

Melinda Bill Gates

The Bill and Melinda Gates Foundation has divested all its holdings in British oil giant BP, Plc, selling off its massive $186-million stake.

According to U.S. Securities and Exchange Commission (SEC) filings, the Gates Foundation sold their full stake in the fourth quarter of last year.

BP experienced its worse run ever last year, posting a U.S. $6.5 billion loss. The company is also reeling from some U.S. $55 billion in costs related to the 2010 Gulf of Mexico oil spill.

The company’s net income for the fourth quarter of 2015 was US$196 million.

Related: Turkey, At Energy Crossroads, Sliding Towards Authoritarianism

It’s the second major oil divestiture for the Gates Foundation, which dumped all of its ExxonMobil stock earlier last year as well, for some U.S. $825 million.

Media are speculating that’s it not just about the oil crisis, and that the Foundation’s divestiture runs deeper than the hit these companies are taking in the price slump.

According to the Washington Examiner, Gates announced in November that he would lead a group of investors committed to boosting clean energy solutions in the marketplace.

Related: Where Will Halliburton And Baker Hughes Go From Here?

According to the Guardian, the Gates Foundation has reduced its fossil fuels holdings by 85 percent since 2014. The Foundation is believed to hold around $300 million in fossil fuels stocks today.

BP’s first quarter 2016 earnings, released last week, came in up $0.17 per share, against analyst expectations that the company would lose $0.30 per share. The positive earnings report was largely due to cost cuts, however, noting that revenues were down 30 percent from the same period last year.

By Charles Kennedy of Oilprice.com

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  • Glenn on May 13 2016 said:
    Interesting. Microsoft probably wouldn't exist if it weren't for oil.

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