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ExxonMobil among bidders for Shell's U.S. chemicals business valued at $8 billion
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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.
Source report
ExxonMobil is competing to acquire Shell’s U.S. chemicals business, which could be valued at $8 billion, the Financial Times reported today, citing unnamed sources familiar with the matter.
The U.S. oil major is vying against LyondellBasell, Apollo Global Management, and Kuwait Petroleum Corporation, according to the same sources. The potential buyers have submitted non-binding offers to Shell, ranging from proposals to acquire parts of the business to bids for the entire division.
Shell’s U.S. Chemicals Assets
Shell’s chemicals business in the United States includes four facilities located in Louisiana, Texas, and Pennsylvania. These plants produce chemicals used across a range of industries, from plastics manufacturing to detergents.
Recent Shell Asset Sales
Shell has completed two notable asset sales recently:
- Onshore wind and solar power business in Europe: Sold to TotalEnergies, the deal involves 500 megawatts of combined renewable generation capacity currently in operation and under development, along with a pipeline of future projects across Italy, the Netherlands, Spain, and the UK. The transaction is subject to regulatory approvals and is expected to close by the end of 2026, Shell announced earlier this month.
- Stake in a gas project offshore Cyprus: Sold to Hungary’s MOL for $720 million, comprising a 35% stake in Cyprus Offshore Block 12. The sale aligns with Shell’s focus on expanding its liquefied natural gas operations.
Strategic Context
Shell has stated for over a year that it would adjust its power portfolio to “ensure capital is allocated where it can deliver the strongest long-term value.” This pledge, made during the Capital Markets Day 2025, has since been followed through with asset sales playing a significant role.
Despite the divestitures, Shell’s chemicals business contributed strongly to its second-quarter results, which posted $9.84 billion in adjusted earnings. The performance was driven by higher oil and gas prices, stronger refining margins, and improved chemicals margins.
By Irina Slav for Oilprice.com
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Exxon and Others Bid for Shell's $8B US Chemicals Business