Feb. 28, 2008 - BP chief executive John Hayward has hinted he may offload his company's alternative energy unit, noting that hefty investments in solar, wind, and biofuels have yielded poor returns for shareholders, Reuters reports. Speaking at a strategy meeting yesterday, Hayward suggested that if businesses in BP's green unit - valued between $5 and $7 billion - fail to turn a profit soon, some or all may be sold off as the company shifts its focus to locating new oil and gas reserves.

Hayward's speech emphasized the struggling oil giant's efforts to restructure following the departure of former CEO John Browne last May. "What we will be doing over the course of the year will be looking at ways of realizing that value for shareholders because none of us believe that there is very much of that, if anything, in our share price today," he said.

John Browne made renewable energy the centerpiece of a companywide strategy and rebranding effort, dubbed "Beyond Petroleum." The well-publicized move was criticized by many marketwatchers, who noted that BP's renewable energy investments totaled just a tiny fraction of its business.