Exxon, Lyondell among suitors for Shell's US chemical assets, could fetch US$8 billion, FT reports
Businesstimes News·- Shell has attracted interest from potential bidders like ExxonMobil, LyondellBasell, Apollo Global Management, and Kuwait Petroleum Corporation for its US chemical assets. - The US chemical assets, comprising plants across four sites in Louisiana, Texas, and Pennsylvania, could potentially fetch up to US$ 8 billion following non-binding offers submitted in July. - This divestment aligns with Shell's broader strategy to sell underperforming chemical plants and scale back certain investments to focus on upstream operations.ConocoPhillips Stock Underperforms Monday When Compared To Competitors
MarketWatch Automated·Exxon Drops as Oil Retreats From $94
GuruFocus·- Exxon Mobil shares dropped 1.3 % to $ 162.97 Monday afternoon as crude oil prices retreated more than 2 %. - Despite strong financial performance with 2nd-quarter operating cash flow of $ 23.6 billion, the stock's valuation sits 29.24 % above its $ 126.10 GF Value estimate. - While the company can absorb market selloffs effectively, ongoing geopolitical tensions and fluctuating supply outlooks continue to impact its share price.Report: Shell PLC Mulls Sale of USD8 billion US Chemical Assets
AASTOCKS News·- Shell PLC is reportedly considering the sale of its US chemical assets, which are potentially valued at up to USD 8 billion. - Potential buyers, including ExxonMobil, LyondellBasell, Apollo Global Management, and Kuwait Petroleum Corporation's chemicals division, submitted non-binding indicative bids last month. - The divestment is part of Shell PLC's broader strategy to sell underperforming businesses, with assets spanning four sites in Louisiana, Texas, and Pennsylvania.