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Exxon Mobil and LyondellBasell are reportedly among the potential bidders for Shell’s U.S. chemicals assets, a portfolio that could be valued at as much as $8 billion as the British energy giant looks to divest underperforming operations.
Private equity firm Apollo Global Management and the chemicals division of Kuwait Petroleum Corporation have also shown interest in the assets, according to a Financial Times report on Monday. Citing people familiar with the process, the report said prospective buyers submitted non-binding offers last month.
Shell’s U.S. chemicals portfolio includes four facilities located across Louisiana, Texas and Pennsylvania. One of the most prominent assets is the company’s Monaca petrochemical complex in Pennsylvania, which began operations in 2022.
Shell invested approximately $14 billion in the Monaca facility, which is capable of producing up to 1.6 million tonnes of polymers annually. The complex was designed to take advantage of abundant natural gas supplies in the region and serve demand for polyethylene and other chemical products.
If Shell’s U.S. chemicals assets are sold for around $8 billion, the transaction would value the portfolio at a substantial discount compared with the company’s investment in the facilities. The potential sale highlights Shell’s broader effort to streamline its operations and reduce exposure to businesses that have struggled to deliver sufficient returns.
Interest from Exxon Mobil and LyondellBasell could lead to a major consolidation deal in the U.S. chemicals industry. Apollo’s reported involvement also signals private equity appetite for large-scale industrial assets despite challenging conditions across parts of the global chemicals market.
Shell is separately working with advisers on a potential sale of its European chemicals operations, according to the report. However, those assets are expected to attract a significantly lower valuation than the U.S. portfolio.
The divestment process comes as Shell continues reviewing its global portfolio and focusing capital on businesses offering stronger returns, while potential buyers assess opportunities to expand their presence in the U.S. petrochemicals market.
