Exxon Considers Acquisition of Shell’s $8 Billion U.S. Chemicals Unit
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**Exxon Among Bidders for Shell’s $8 Billion U.S. Chemicals Business**
ExxonMobil is reportedly in the running to acquire Shell’s U.S. chemicals business in a deal that could be valued at up to $8 billion, according to sources familiar with the matter cited by the Financial Times.
The U.S. oil major is competing against several other prominent bidders, including LyondellBasell, Apollo Global Management, and the Kuwait Petroleum Corporation. These interested parties have submitted non-binding bids to Shell, with proposals ranging from purchasing specific segments of the division to acquiring the entire business.
Shell’s U.S. chemical assets include four manufacturing facilities located in Texas, Louisiana, and Pennsylvania. These plants produce essential chemicals used across various sectors, including plastics and detergent manufacturing.
The potential sale aligns with Shell’s ongoing efforts to streamline its portfolio and redirect capital toward areas offering the highest long-term value, a strategy outlined in its Capital Markets Day 2025.
Shell has already executed multiple divestments recently. These include the sale of its European onshore wind and solar portfolio to TotalEnergies—expected to close by the end of 2026—and the $720 million sale of its 35% stake in Cyprus’s Offshore Block 12 to Hungary’s MOL, as the company prioritizes its liquefied natural gas (LNG) operations.
Despite the planned divestment, Shell’s chemicals division remains a strong performer, contributing to the company’s robust second-quarter adjusted earnings of $9.84 billion, which were bolstered by rising oil and gas prices, strong refining margins, and improved chemical margins.
