Shell planning to shrink refining portfolio
Published by Nicholas Woodroof,
Editor
Hydrocarbon Engineering,
“The refining portfolio is expected to be transformed during the energy transition ... into six high-value energy and chemical parks integrated with Chemicals,” Shell said.
“This is expected to be followed by further evaluation and decisions on assets that could result in the recognition of significant provisions and charges to earnings, some as early as in the fourth quarter 2020.”
The news came as part of an announcement by the company that it was raising its dividend to 16.65 cents after easily beating quarterly profit forecasts and outlining plans to shrink its oil and gas operations as it presses forward with a transition to low-carbon energy.
Its adjusted earnings in 3Q20 fell 80% to US$955 million, but easily beat company-provided average analysts forecasts of a US$146 million profit.
Read the article online at: https://www.hydrocarbonengineering.com/refining/29102020/shell-planning-to-shrink-refining-portfolio/
You might also like
Hydrocarbon Engineering Podcast
Susan Bell, Senior Vice President within Commodity Markets – Oil, Rystad Energy, discusses the impact of trade wars on global oil demand and oil prices, in light of President Trump’s ‘Liberation Day’ tariffs.
Hydrocarbon Engineering Spotlight with Honeywell Process Solutions
Omar Sayeed and Rahul Negi, Honeywell Process Solutions, join us to consider how new, innovative technology can help to overcome some of the challenges facing the downstream oil and gas sector.
