RNG producer Archaea extends loss ahead of BP deal
SUMMARY
Acquisition by BP expected to close by year-end.
By Dale LunanHouston-based Archaea Energy, one of the largest producers of renewable natural gas (RNG) in the US, said November 10 it had a net loss in Q3 2022 of $24.24mn, slightly higher than a $24.18mn loss a year ago.
Archaea is set to be acquired by global major BP in a cash and debt deal worth $4.1bn. The transaction is expected to close by the end of this year.
Archaea produced and sold 2.42mn mnBtu of RNG in the third quarter and 6mn mnBtu through the first nine months of this year. Comparable 2021 production figures were not provided.
