As Exxon and Chevron cash in, Shell flails, flips assets, and prays Wall Street will finally love it.
In its never-ending quest to appear as valuable as ExxonMobil and Chevron — two American oil giants who at least own their villainy — Shell has announced that it might sell off the most awkward, least profitable bits of its chemicals business. What better way to prove you’re serious about climate not change than unloading your plastics division to fund more oil and gas?
On Tuesday, Shell confirmed it’s “exploring strategic and partnership opportunities” for parts of its chemicals operations in the U.S., including the much-hyped Pennsylvania ethylene cracker plant — a monument to fossil-fueled manufacturing so planet-wrecking it makes a coal mine look like a herb garden.