Exxon and Others Bid for Shell's $8B US Chemicals Business
ExxonMobil, LyondellBasell, Apollo Global Management, and Kuwait Petroleum Corporation are competing to acquire Shell's U.S. chemicals business, valued at up to $8 billion. The assets include four facilities in Louisiana, Texas, and Pennsylvania producing chemicals for plastics and detergents. The sale is part of Shell's strategy to divest underperforming operations and focus on higher-value assets like liquefied natural gas, following recent divestitures in Europe and Cyprus.
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Exxon, Lyondell Among Suitors for Shell's US Chemical Assets, Could Fetch $8 Billion
ExxonMobil and LyondellBasell are among the suitors for Shell's US chemical assets, which could be valued at up to $8 billion, according to a Financial Times report. The potential sale is part of Shell's strategy to divest underperforming chemical plants. Other interested parties include Apollo Global Management and the chemicals arm of state-owned Kuwait Petroleum Corporation. The divestiture reflects Shell's ongoing portfolio optimization efforts amid a challenging chemical market environment.
Read sourceExxon, Lyondell Among Suitors for Shell's US Chemical Assets Worth Up to US$8 Billion
Shell is seeking to divest its underperforming US chemical plants, with potential suitors including ExxonMobil, LyondellBasell, Apollo Global Management, and the chemicals arm of Kuwait Petroleum Corporation. The assets could fetch up to US$8 billion, according to a Financial Times report. The divestiture is part of Shell's strategy to shed underperforming assets and focus on more profitable operations. The sale process is attracting major industry players and private equity interest, signaling significant consolidation potential in the US chemicals sector.
Exxon and LyondellBasell Eye Shell’s US Chemicals Portfolio
Exxon Mobil and LyondellBasell have emerged as potential bidders for Shell's US chemicals portfolio, which could be sold for up to $8 billion. The Financial Times reports that Apollo and Kuwait Petroleum Corporation's chemicals business have also expressed interest. The portfolio includes four facilities in Louisiana, Texas, and Pennsylvania, notably Shell's Monaca complex in Pennsylvania, which started operations in 2022 after a $14 billion investment and can produce 1.6 million tonnes of polymers annually. A sale at the estimated valuation would represent a significant discount compared to Shell's historical investment. Shell is also working with advisers to sell its European chemicals operations, which are expected to fetch a lower valuation. These divestitures are part of Shell's strategy to exit weaker-performing chemicals operations.
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Exxon and LyondellBasell Eye Shell's US Chemicals Portfolio
Exxon Mobil and LyondellBasell have emerged as potential bidders for Shell's US chemicals assets, which could be sold for up to $8 billion as Shell seeks to reduce exposure to weaker-performing operations. The Financial Times reports that Apollo and Kuwait Petroleum Corporation's chemicals business have also expressed interest. The portfolio includes four facilities in Louisiana, Texas, and Pennsylvania, notably Shell's Monaca complex in Pennsylvania, which started operations in 2022 after a $14 billion investment and can produce 1.6 million tonnes of polymers annually. A sale at the estimated valuation would represent a significant discount compared to Shell's historical investment. Shell has also begun reviewing its European chemicals operations for potential sale, though those assets are expected to fetch lower valuations. The disposals are part of Shell's strategy to reshape its asset base away from underperforming chemicals operations.
Read sourceExxon Eyes Shell's $8 Billion U.S. Chemicals Business
ExxonMobil is among the bidders for Shell's U.S. chemicals business, which could be valued at $8 billion, according to a Financial Times report citing unnamed sources. The U.S. supermajor is competing with LyondellBasell, Apollo Global Management, and Kuwait Petroleum Corporation. Potential buyers have submitted non-binding offers ranging from partial to full acquisition of the division, which comprises four facilities in Louisiana, Texas, and Pennsylvania producing chemicals for plastics and detergents. The potential sale is part of Shell's broader portfolio adjustment strategy, following recent divestments of its European onshore wind and solar business to TotalEnergies and a Cyprus gas stake to Hungary's MOL. Shell has emphasized focusing capital on areas delivering the strongest long-term value, even as its chemicals business contributed to strong second-quarter adjusted earnings of $9.84 billion.
Read sourceExxon Eyes Shell's $8 Billion U.S. Chemicals Business
ExxonMobil is among the bidders for Shell's U.S. chemicals business, which could be valued at $8 billion, according to the Financial Times. The U.S. supermajor is competing with LyondellBasell, Apollo Global Management, and Kuwait Petroleum Corporation. Potential buyers have submitted non-binding offers ranging from partial to full acquisition of the division, which comprises four facilities in Louisiana, Texas, and Pennsylvania producing chemicals for plastics and detergents. The potential sale is part of Shell's broader portfolio adjustment strategy, following recent divestitures of its European onshore wind and solar business to TotalEnergies and a Cyprus gas stake to MOL. Despite strong second-quarter results with $9.84 billion in adjusted earnings, Shell continues to streamline operations to focus on higher-value assets like liquefied natural gas.
Read sourceExxon Competes for Shell's $8 Billion U.S. Chemicals Business
ExxonMobil is among the bidders for Shell's U.S. chemicals business, which could be valued at $8 billion, according to the Financial Times. The U.S. supermajor is competing with LyondellBasell, Apollo Global Management, and Kuwait Petroleum Corporation. Potential buyers have submitted non-binding offers ranging from partial to full acquisition of the division, which includes four facilities in Louisiana, Texas, and Pennsylvania producing chemicals for plastics and detergents. The potential sale is part of Shell's broader portfolio adjustment strategy, following recent asset sales including its European wind and solar business to TotalEnergies and a stake in a Cyprus gas project to Hungary's MOL. Shell has emphasized focusing capital on long-term value, despite its chemicals business contributing to strong second-quarter results with $9.84 billion in adjusted earnings.