ConocoPhillips has announced the cancellation of plans to upgrade the Wilhelmshaven refinery in Germany.
‘This move is consistent with our stated strategy of maintaining capital discipline and reducing our downstream portfolio over time,’ said Willie Chiang, senior vice president of Refining, Marketing and Transportation. ‘We will also explore other options to improve shareholder value including operating the facility as a terminal and pursuing the sale of the asset.’
Due to cancellation of the upgrade project, the company expects to recognize a non-cash asset impairment of approximately US$1.1 billion after tax in its Q2 financial results.
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