Exxon Eyes Shell’s $8 Billion U.S. Chemicals Business

Exxon is reportedly one of several potential buyers for Shell's U.S. chemicals business, which could be worth $8 billion according to the Financial Times. The supermajor is competing with LyondellBasell, Apollo Global Management, and the Kuwait Petroleum Corporation for the business. Shell's U.S. chemicals business includes four facilities in Louisiana, Texas, and Pennsylvania that produce chemicals vital to industries ranging from plastics to detergents.

Recently, Shell has sold its onshore wind and solar power business in Europe to TotalEnergies for 500 megawatts of combined renewable generation capacity, and a stake in a gas project offshore Cyprus to Hungary's MOL for $720 million. Shell's decision to sell these assets aligns with its commitment to reallocate capital to areas that promise the strongest long-term value, as announced during its Capital Markets Day in 2025.