Shell reviews its chemical business as performance lags

SHELL is performing a review of its chemicals business that it has not detailed publicly, The Wall Street Journal reported on Sunday (Jun 11), citing people close to the company. 

The review is aimed at addressing what many investors view as lagging performance, said the report. That business had a US$1.4 billion full-year loss in 2022, based on adjusted earnings. By comparison, Shell’s integrated gas division – including liquefied natural gas – contributed US$16.1 billion in adjusted full-year earnings last year.

On Wednesday, the oil major will update investors on how it plans to spend its large energy profits at its Capital Markets Day, with Shell’s quarterly dividend payout being a big focus for investors. The company has gradually been building its dividend back up after cutting the payout in 2020 for the first time in decades, as the spread of the coronavirus hit oil markets. BLOOMBERG