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Shell planning to shrink refining portfolio

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Hydrocarbon Engineering,

As reported by Reuters, Shell plans to shrink its refining and chemicals portfolio from 14 to six sites including its Deer Park, Norco, Pernis, Pulau Bukom, Rheinland and Scotford sites, without giving a precise timeframe.

“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.

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